- ZenLedger announced recently it raised a $6 million Series A funding round led by Bloccelerate VC. These are the details.
ZenLedger — a leading cryptocurrency tax software and blockchain analytics startup — announced recently it raised a $6 million Series A funding round led by Bloccelerate VC. The investors include Mark Cuban’s Radical Ventures, G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Assets, CoinGecko, and angel investors Jon Staenberg, and Darren Lau. And the raise includes recommitment from previous investors Vestigo Ventures, Castle Island Ventures, Migration Capital, Blackwater Capital, and Karl Muth.
The cryptocurrency industry has seen rapid growth and adoption over the last five years with a peak market cap of $2.5 trillion and hundreds of millions of users and investors worldwide. And State, Federal, and International regulatory bodies like the J5 and IRS have begun to place more stringent reporting measures for cryptocurrency investments and transactions. ZenLedger’s platform essentially helps investors and accountants adhere to IRS and SEC regulations by providing a digital workflow to simplify, optimize, and automate the tax and accounting process.
Launched in 2017 by CEO Pat Larsen and CTO Bryan Starbuck, ZenLedger has raised a total of $11.5 million in funding to date and continues to dominate the crypto tax space. And with this latest round of funding, the company plans to release its cryptocurrency portfolio management solution that enables investors and traders to easily view their portfolio performance and track their tax savings all in one continuously updated dashboard. The company plans to grow its team through new hires in marketing, enterprise sales, customer service, and software engineering, to further advance the product and customer experience.
ZenLedger’s platform provides tax professionals and consumers with tax filings and financial analysis through its user-friendly interface and excellent customer service. And the company has grown its customer count and revenue 500% YoY, and has exceeded $5 billion in cryptocurrency transactions processed.
KEY QUOTES:
“Cryptocurrency is going to continue to transform finance and reach into our daily lives, but it is still considered a mystery to many. It’s an honor to help people by relieving their stress and worry about crypto taxes. We are thrilled to work with such an incredible network of investors, and we are excited to continue making cryptocurrency more accessible to all.”
— Pat Larsen, CEO
“I see blockchain, crypto, DeFi, and NFTs all creating tremendous value. The core accounting and reporting infrastructure that ZenLedger provides will be critical to making everyone’s lives easier as they earn, transact, and invest in crypto.”
— Mark Cuban
“The proliferation of blockchain applications and digital assets is exponentially increasing compliance and reporting complexities for both retail investors and government agencies alike. ZenLedger is on the forefront of supporting this trend with industry-leading tools that will only grow rapidly in demand. We are extremely excited to partner with the exceptionally talented, driven, and creative team from ZenLedger.”
— Kate Mitselmakher, General Partner at Bloccelerate VC
