ZenLedger raises $6m to simplify cryptocurrency tax and accounting
ZenLedger, a leading cryptocurrency tax software and blockchain analytics startup, have announced a $6 million Series A funding round led by Bloccelerate VC. Investors include Mark Cuban’s Radical Ventures, G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Assets, CoinGecko, Accelerator Ventures, and angel investors Jon Staenberg and Darren Lau. 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 $2.5T and hundreds of millions of users and investors worldwide. 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 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.
Founded 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 cryptocurrency tax space. 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 also 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.
“Cryptocurrency is going to continue to transform finance and reach into our daily lives, but it is still considered a mystery to many,” said Pat Larsen, CEO. “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.”
“I see blockchain, crypto, DeFi, and NFTs all creating tremendous value,” said investor Mark Cuban. “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.”
ZenLedger’s platform provides both tax professionals and consumers with tax filings and financial analysis through its user-friendly interface and excellent customer service. The company has grown its customer count and revenue 500% YoY, and has exceeded $5 billion in cryptocurrency transactions processed.