Traditional venture capital investors seem to think that the field of crypto reporting apps is appealing. Cryptocurrency tax and accounting software development startup Libra has raised an extra $15 million in its Series B funding round.
$24.8 Million in Funding for Crypto Tax App
Libra, a provider of middle and back office technology and data services for the crypto-assets ecosystem, has announced the closure of a $15 million Series B round. The funding was led by its previous lead investor, described as a “prominent, multi-billion dollar European family office,” with continued participation from Series A investors, including Liberty City Ventures. This round brings Libra’s total funding to $24.8 million.
The company plans to use its new funding to continue building out its core product, the Libra Crypto Office platform, as well as support the release of new products and services later this year. It says that the capital raise not only strengthens the ability for further product growth but also the ongoing expansion into new customer segments such as miners, lenders and custodians. The venture originally started its operations back in 2014, by developing tax apps for average cryptocurrency day traders. It is now focused on transforming crypto transactional data into operational and audit-ready financial information for institutions.
Helping Crypto Hedge Funds Meet Reporting Standards
“Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators,” said Jake Benson, Founder and CEO of Libra. “We are very excited our investors have affirmed their continued support for Libra with their contribution to our Series B raise. Their commitment allows us to expand our customer offerings, grow our team and increase our customer base.”
Indeed, investors seem to think the field of crypto reporting is worthwhile. Back in November 2017, Libra raised $7.8 million in its Series A funding round, adding to their previously raised $2 million seed round from firms like Fenbushi Capital. Investors who participated in the A funding round included Liberty City Ventures, Boost VC, and early Facebook investor Lee Linden. Another competitor in the space, crypto tax reporting software developer Node40, was acquired for $8 million earlier this year.
Is this development good for the ecosystem? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, and Libra.
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