BearTax, a cryptocurrency tax platform, has netted $3.2m in its seed funding round, which was led by Seattle-based investor Ascend.
Other investors to the round include BAM Ventures, defy.vc, Draper Startup House, Tacoma Venture Fund, Hustle Fund, Liquid 2 Ventures, Sketchnote Partners and others.
This investment marks BearTax’s first fundraise.
With the funds, the crypto tax platform is planning to bolster its global presence and further the development of its existing technology suite.
BearTax is a tax software that can fetch trades from anywhere, identify transfers across exchanges and automatically generate tax documents. Its software can calculate tax cryptocurrency gain/loss and can crunch millions of transactions each minute, it said.
Ascend VC founding general partner Kirby Winfield said, “There will be billions in taxes owed to global governments on cryptocurrency gains for 2021. But crypto tax preparation software as a service is in its infancy. With his background running product at the largest enterprise tax software company in the world, Tela is just the founder to tackle this problem.”
There have been a handful of cryptocurrency tax solutions popping up. Last month, CoinLedger netted $6m in funding to support the growth of its tax reporting solution.
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