Bellevue-based cryptocurrency tax software company ZenLedger has raised a $15 million Series B round.
With the funding, announced Wednesday, the startup plans to expand globally and add more products, ZenLedger said in a release. The latest round builds on ZenLedger's $6 million Series A round in August.
"We had our best tax season ever so far. Record numbers of investors and capital are flowing into crypto, NFTs, defi, and we are happy to help all those people and their tax professionals with crypto accounting and taxes," Pat Larsen, co-founder and CEO of ZenLedger, said in a news release. "We are thrilled about the fantastic investors in this round, and I'm excited to work with them and their amazing portfolio companies."
On its website, ZenLedger currently has three openings listed: mobile developer, senior product manager and senior software engineer.
ZenLedger, founded in 2017, uses technology to generate tax forms based on cryptocurrency transactions. The company's software also identifies chances to save money on taxes. According to ZenLedger, the Internal Revenue Service and TurboTax both use its software. The company says it wants to add services for registered investment advisers and certified public accountants.
ParaFi Capital led the round, while Bloccelerate VC, King River Capital, G1 Ventures, Main Street Investment, Three Point Capital, Shorooq Partners, VaynerFund, Blizzard the Avalanche Fund and AngelList Quant Fund all participated. ParaFi Capital, an investment and technology firm, was founded in 2018 and has more than $1 billion in assets under management, according to the firm. Bloccelerate VC led ZenLedger's Series A round.
"As the digital asset space matures, we expect the demand for services that help provide regulatory and tax compliance to grow significantly over the coming years. We believe ZenLedger offers one the most comprehensive crypto tax solutions in the market today and will help meet that growing demand," Ryan Navi of ParaFi Capital said in a news release.
