Crypto tax startup ZenLedger raises $15 million led by ParaFi Capital

Crypto tax startup ZenLedger has closed a $15 million Series B round led by ParaFi Capital, with participation from Three Point Capital, King River Capital, and its Series A lead investor Bloccelerate VC, among others.

ZenLedger amalgamates crypto investors' transaction information across exchanges, NFTs, DeFi, and wallets into one dashboard for tax purposes. 

The company said in a press release that the ongoing movement in tax enforcement has resulted in it having its most successful tax season to date — it boasts more than 50,000 users. 

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With the new funding, it will add products such as registered investment advisors (RIAs) and certified public accountants (CPAs) to bolster its professional offerings. 

"As the digital asset space matures, we expect the demand for services that help provide regulatory and tax compliance to grow significantly over the coming years. We believe ZenLedger offers one the most comprehensive crypto tax solutions in the market today and will help meet that growing demand," said Parafi Capital principal Ryan Navi in a press release. 

The startup declined to share the valuation it had raised at.  

This new investment comes as numerous territories around the world begin to evaluate how to tax digital assets. Most recently, Germany confirmed that crypto sold after one year won't incur taxes while in South Korea, the government is looking at ways of easing crypto tax requirements. 

About Author

Tom is a deals reporter at The Block covering venture capital, fundraises, fintech and M&A. Before joining, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. You can reach him by email at [email protected] or Telegram @tommatsuda.