Real-time accounting platform Integral closed an $8.5 million round of funding that was led by Electric Capital, Integral announced Tuesday. The funding was the first for the company, which is aimed at bringing financial data to the Web3 world.
Integral builds financial management software for Web3 teams. Real-time analysis of items such as profit and loss statements, balance sheets and cash flow is valuable for all companies, but especially crypto companies because the difference in a few days of making financial decisions could be worth millions in crypto assets. According to a statement from Integral, the company has helped process about $5 billion in crypto transactions over the past five months.
This round of funding includes some notable investors from the crypto industry such as former Coinbase Chief Technology Officer Balaji Srinivasan, Color Genomics co-founder Elad Gil, Hustle Fund, Mantis, Maple VC, Anchorage founder Diogo Monica and Dapper Labs founder Roham Gharegozlou.
In a statement, Avichal Garg, a co-founder and partner at Electric Capital, said: "Real-time finance is essential for any serious project in Web3 and for any Web2 company that is starting to explore Web3. All companies and protocols will need fast, scalable financial tools to stay ahead of the competition."