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ZenLedger Raises $6M Series A Funding To Simplify Cryptocurrency Taxes and Accounting

Published
August 3, 2021
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    Today is an exciting day here at ZenLedger! We’re proud and excited to share the news that we closed a $6 million Series A round of funding. The round was led by Bloccelerate VC, and other 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 also includes recommitment from previous investors Vestigo Ventures, Castle Island Ventures, Migration Capital, Blackwater Capital, and Karl Muth.

    The cryptocurrency industry has continued to grow and see rapid adoption with hundreds of millions of users and investors worldwide. And alongside this growth, we’re seeing state, federal, and international regulatory bodies like the J5 and IRS place more stringent reporting measures for cryptocurrency investments and transactions. And that’s where we come in. Our platform is here to help accountants and individuals adhere to these regulations by providing a digital workflow to simplify, optimize, and automate the tax and accounting process.

    ZenLedger was founded in 2017 by our CEO Pat Larsen, and our CTO Bryan Starbuck, with the ambitious goal of demystifying the cryptocurrency tax and accounting process and making things easier for tax professionals and individuals. This latest round brings our total funding to date up to $11.5 million.

    With this newest round of funding, we plan to release our 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. We also plan to grow our team through new hires in marketing, enterprise sales, customer service, and software engineering, to further advance the product and customer experience. In just four years, we’ve managed to dominate the crypto tax space.

    “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.”

    “The proliferation of blockchain applications and digital assets is exponentially increasing compliance and reporting complexities for both retail investors and government agencies alike,” said Kate Mitselmakher, General Partner at Bloccelerate VC. “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.”

    The ZenLedger difference comes from our user-friendly interface and excellent customer service, and we have the numbers to prove it: We’ve grown our customer count and revenue 500% YoY, and have now exceeded $5 billion in cryptocurrency transactions processed – and we’re just getting started.  

    We’d like to thank our customers for their support. We are excited to continue this voyage and look forward to sharing the next stage of our journey with you all.

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    Simplifying DeFi and Cryptocurrency Taxes for Investors and Tax Professionals

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