Tres Finance Raises $11 Million in Series A Funding
Tres Finance, a crypto taxation startup, has secured $11 million in a Series A funding round. The financing was led by venture capital firm Lightspeed’s new fund Faction, with participation from New Form, Boldstart Ventures, Cyber Fund, and Ambush Capital. This latest funding brings Tres’s total funding to $18.6 million.
Expanding Services and Customer Base
Tres offers a range of financial services for web3 firms, including accounting, auditing, and reporting. With the newly raised funds, the startup aims to advance its growth strategy by expanding its customer base in the US, EU, and APAC regions. Tres plans to scale its customer base by 300% within the year.
Tres CEO’s Optimistic Outlook
Tres co-founder and CEO Tal Zackon expressed optimism about the future of blockchain networks and decentralized applications. He stated that the upcoming bull cycle will see increased adoption by major banks and government organizations worldwide. Tres aims to serve the growing number of companies holding crypto on their balance sheets, regardless of the complexity of their transactions.
Advanced Risk Modeling and Analysis
Tres’s Financial Data Lake provides a more sophisticated approach to tracking positions across DeFi activity compared to traditional spreadsheets. This enables advanced risk modeling and analysis for crypto exchanges, DAO treasuries, and funds.
Support for Multiple Blockchains
Tres currently supports over 100 Layer 1 and Layer 2 blockchains, including Bitcoin, Ethereum, Solana, and Avalanche. The startup plans to expand its supported blockchains in the future.
Past Funding Success
In September 2022, Tres raised $7.6 million in seed funding led by Boldstart Ventures and Alchemy Ventures. Other participants in the funding round included F2, New Form, Kenetic Capital, Blockdaemon Ventures, and Mantis.
Hot Take: Tres Finance’s Funding Boosts Growth Potential
Tres Finance’s successful Series A funding round of $11 million positions the startup for significant growth. With its range of financial services tailored for web3 firms and support for multiple blockchains, Tres is well-equipped to serve the increasing number of companies adopting crypto. The funding will fuel Tres’s expansion plans, targeting a 300% increase in its customer base across the US, EU, and APAC regions. As blockchain networks gain traction and adoption from major institutions, Tres’s advanced risk modeling and analysis capabilities will be crucial for managing complex transactions in the crypto space.
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