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ZenLedger Raises $15M to Expand Crypto Tax Products

·1 min read

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

Cryptocurrency tax services firm ZenLedger announced Wednesday it raised $15 million in Series B funding, bumping the company’s total funding up to $27 million.

The round was led by ParaFi Capital, with contributions from ​​Bloccelerate VC, King River Capital, G1 Ventures, Main Street Investment, Three Point Capital, Shorooq Partners, VaynerFund, Blizzard Fund and AngelList Quant Fund, according to a press release.

Coming off what CEO Pat Larsen called the 5-year-old startup’s “best tax season ever,” ZenLedger has seen its sales grow fivefold. It is now courting new markets in an effort to expand further still.

ZenLedger helps token-holders navigate the ambiguities of crypto taxes by plugging into their trading data from wallets, exchanges and non-fungible tokens (NFTs). It has plenty of competition in that space: Last August, TaxBit raised $130 million while CoinTracker raised $100 million ahead of tax season.

According to Larsen, there are currently 50,000 users of ZenLedger. It is now planning on launching new products tailored for prospects from the registered investment advisor (RIA) and certified public accountant (CPA) world.

ZenLedger also plans to use the funding to expand its team. That effort’s already begun: In April, it hired a new chief technology officer in Daniel Escobar, a Bitpay alum, along with three other C-suite executives.