Crypto.com Backs Web3 Finance Management Platform HQ’s $5M Pre-Seed Round

Web3 back office platform HQ has raised $5 million in a funding round to help web3 teams better manage their financial operations.
Image source: hq.xyz

Quick take:

  • Web3 finance management platform Headquarters (HQ) has raised $5 million in a pre-seed round.
  • The fundraising was co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures.
  • HQ is building a back office platform to help web3 firms better manage their finances across custodial and non-custodial wallets.

Headquarters (HQ) has raised $5 million in a pre-seed round co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures. The financial management platform is developing a back office service that will help web3 teams better manage their financial operations across custodial and non-custodial wallets.

Other web3 investment companies backing the platform include Insignia Ventures Partners, Long Hash Ventures, Coin Hako, Sky9 Capital and DWF Labs, among others.

HQ was co-founded by CEO Sharon Lourdes Paul and CTO Satrughan (Sunny) Singh. Saison Capital, 500 Startups and Longhash Ventures participated in HQ’s latest fundraising with Nansen CEO Alex Svanevik, Race Capital’s Chris McCann and Etherscan founder Matthew Tan joining a long list of angel investors.

According to the announcement, Headquarters wants to help web3 firms improve efficiency in working capital management by reducing human error in web3 bookkeeping.

HQ’s fundraising comes hot on the heels of Tres. Finance’s and Presail’s fundraisings. The two web3 companies are looking to address similar challenges facing web3 companies.

Presail raised €3.8M to build its community-driven web3 funding platform that seeks to help companies better track pre-sale deals on web3. On the other hand, Tres is building a platform to help web3 business monitor, manage and automate their financial operations.

Essentially, these businesses are investing in new accounting services amid the limitations of web2 financial management platforms in the new age of web3.

Just like Tres Headquarters’ first product dubbed HQ Teams also seeks to help companies better manage their financial operations in web3.

Commenting on her company’s pre-seed round, Sharon Paul, Headquarters co-founder and CEO, said: “We built HQ Teams to make finance best practices less exhausting by taking out the tedious manual work. Getting this right means teams can finally expect the same operational excellence for their internal financial workflows as they do with everything else in the sector.”

The company plans to use the funds to speed up the development of its pioneer product HQ Teams, according to the announcement on Tuesday.

Jon Russell, investment partner at Crypto.com Capital lauded HQ’s financial management tool saying: “Say goodbye to the arduous task of manually transferring tokens and making payments. Instead, teams can now automate their treasury flow for day-to-day operations.”

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