Web3 tax services firm Tres Finance raises $11 million in Series A financing

Tres Finance, a crypto taxation startup, raised $11 million in a Series A funding round. 

Faction Ventures led the financing round that saw additional participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital. The raise brings Tres's total funding to $18.6 million.

Tres offers accounting, auditing, reporting and other financial services for web3 firms. The startup intends to use the funding to advance its growth, with the goal of expanding its customer base in the US, EU and APAC and scaling its customer base by 300% within the year. 

"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. The number of companies that will hold crypto on its balance sheets is about to explode, and we are here to serve them — no matter how complex the transactions are," Tres co-founder and CEO Tal Zackon told The Block.

"Now, rather than using spreadsheets to track positions across DeFi activity, Tres's Financial Data Lake enables much more sophisticated risk modeling and analysis for crypto exchanges, DAO treasuries and funds."

Tres supports over 100 Layer 1 and Layer 2 blockchains including Bitcoin, Ethereum, Solana, Avalanche, and it aims to add more supported blockchains in the future.

Past funding

The firm raised $7.6 million in seed funding in September 2022 led by Boldstart Ventures and Alchemy Ventures, The Block previously reported. Additional participants at the time included F2, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis.

(Corrects to distinguish Faction Ventures as its own entity.)