Tres, a financial accounting software startup for web3 companies, has raised a $7.6 million round led by Boldstart Ventures.
F2, Alchemy, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis also participated in the round, according to an announcement on Tuesday. Fireblocks CEO Michael Shaulov and Chainalysis CEO Michael Gronager also contributed as angel investors.
Tres aims to improve the accounting process for web3 firms by collecting and aggregating digital asset data from separate wallets and accounts into its data platform. This allows web3 firms to monitor, manage and automate their financial ingoings and outgoings more easily. Currently, much of this is done manually via spreadsheets, which is prone to human error, said the startup.
“Web3 businesses are struggling to manage the exponential growth and complexity of financial data across digital assets," said CEO and founder Tal Zackon in a statement. "Tres’ financial platform provides an unparalleled level of visibility, monitoring, alerting and automation to web3 finance teams and seamlessly translates high volumes of raw blockchain data into actionable information."
Based in Israel, the company says it counts Blockdaemon, crypto investment firm Hivemind and staking startup Stakely as customers and has monitored crypto assets worth more than $40 billion.
The news follows similar raises in the crypto and web3 accounting space. In March, Coinbooks raised $3.2 million to build accounting software for decentralized autonomous organizations (DAOs). In June, Request Finance, which automates payroll for crypto companies, won the backing of venture capital firm Balderton Capital and gaming firm Animoca Brands in a $5.5 million seed round.
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