Cryptocurrency tax services company ZenLedger announced Wednesday that it has received $15 million in Series B funding, bringing the company's total funding to $27 million.
After what CEO Pat Larsen called the five-year-old startup's "best tax season ever," ZenLedger has quintupled its revenue. The company is now looking to new markets to expand even further.
ZenLedger helps token holders navigate the murkiness of crypto taxes by embedding their trading data from wallets, exchanges and NFTs. The company has plenty of competition in this space: last August, TaxBit raised $130 million, while CoinTracker raised $100 million before tax season.
According to Larsen, there are currently 50,000 users of ZenLedger. The company now plans to launch new products tailored to prospects in the world of registered investment advisors and accountants.
ZenLedger also plans to use the funding to expand its team. These efforts have already begun: In April, it hired a new chief technology officer, Daniel Escobar, a former Bitpay employee, and three other senior executives.
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.