Quick take:
- Tres will use the funds to expand its crypto taxation and reporting services.
- The round was led by Faction Ventures with participation from New Form, Boldstart Ventures and Cyber Fund among others.
- Tres offers accounting, tax and reporting services to Web3 firms across more than 100 layer-1 and layer-2 blockchains.
TRES has announced an $11 million Series A round led by Faction Ventures. The fundraising also attracted participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital.
The crypto accounting, taxation and reporting startup has now raised $18.6 million in total, following a $7.6 million Seed round announced in September 2022. TRES plans to use the fresh capital to expand its services and add support to new blockchains.
According to the announcement, TRES offers tax and reporting services to Web3 firms across more than 100 layer-1 and layer-2 blockchains including Bitcoin, Ethereum, Solana and Avalanche.
The company targets a grow its customer base by 300% in the US, EU and APAC within the next 12 months.
Commenting on the announcement, Tres co-founder and CEO Tal Zackon told The Block: “This next bull cycle will have something that no other bull cycle before it had — dozens of live blockchain networks, thousands of decentralized applications, battle-tested infrastructure, and the adoption by major banks and government organizations around the world.”
TRES is expecting the number of companies holding crypto in their balance sheets to explode in the coming months.
This announcement also comes at a time when US asset management firms await SEC approval for their Spot Bitcoin ETF applications, which analysts expect to result in a massive influx of crypto investors in the industry.
As mainstream crypto adoption advances, TRES expects that the need for crypto accounting, taxation and reporting will increase.
TRES also counts Boldstart Ventures and Alchemy Ventures, which led the $7.6 million seed among its backers. Others include F2 Venture Capital, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis VC.
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