Venture Capital News: ZenLedger Bags $1.5M Financing
CAMBRIDGE, MA, Tax software for cryptocurrency investors and their accountants, has raised a $1.5 million financing round.
Vestigo Ventures, an early-stage venture capital firm focused on making investments in transformative fintech companies, announced today that it led a $1.5 million financing round for ZenLedger, the No. 1 tax software for cryptocurrency investors and their accountants.
Seattle-based ZenLedger enables investors and CPAs to import cryptocurrency transactions, calculate gains and income, and auto-fill tax forms. Proceeds from the capital raise will allow ZenLedger to accelerate product development and expand its marketing to CPAs and individual investors, and provide them with the tools necessary to properly report and optimize their taxes. The financing round also included Castle Island Ventures.
"An underlying investment thesis of Vestigo Ventures is a strong belief in the need for a formidable infrastructure for investing in digital assets. ZenLedger is exactly what the market needs to give crypto investors and their accountants the tools to properly report their profits and losses," said Mark Casady, General Partner of Vestigo Ventures, who will serve as a board observer for ZenLedger.
Casady continued, "What is most interesting to our team is ZenLedger's ability to help accountants become more competitive and provide additional value to their clients as cryptocurrencies continue to gain in popularity among retail investors. Under the leadership of Pat Larsen, CEO, and Bryan Starbuck, CTO, we are confident ZenLedger boasts the right mix of large technology company and entrepreneurial startup experience."
"We look forward to accessing Mark Casady's knowledge and insight, as well as working closely with the Vestigo Ventures team for introductions to potential clients and leveraging their many decades of operational experience as we scale the business," added Pat Larson, CEO, ZenLedger.
"Tax preparation is an acute pain point for crypto-asset investors, both large and small," Matt Walsh, partner, Castle Island Ventures concluded. "The ZenLedger team has built a solution specific to addressing this critical piece of market infrastructure and we are excited to support the expansion of their efforts."
About Vestigo Ventures
Vestigo Ventures is an early-stage venture capital firm headquartered in Cambridge, Massachusetts that invests in financial technology (fintech) companies. The firm was founded by David Blundin, founder and chairman of Cogo Labs, Mark Casady, former CEO and chairman of LPL Financial, and Managing Director Ian Sheridan. Mike Nugent serves as a Managing Director. Vestigo Ventures has identified four areas of concentration: market structure, operations solutions, worksite management and personal wealth. Learn more at www.vestigoventures.com.
Built by industry veterans in technology, finance, and accounting, ZenLedger.io allows you to import transactions, calculate gains and income, and prepare your tax returns.
Using ZenLedger, cryptocurrency investors can manage their portfolio, generate profit loss statements, file their taxes, and avoid IRS audits. We offer automated tools to help investors and CPA's reduce the uncertainty, frustration, and manual grunt work of crypto tax accounting. Learn more at https://www.zenledger.io/.
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