Crypto Tax Software Firm Libra Raises $15M USD In Series B Fundingbr>
Blockchain firm Libra has raised $15 million USD in its Series B funding round. The round was led by its previous lead investor, an unnamed multi-billion dollar European family office, with continued participation from Series A investors, including Liberty City Ventures.
Founded in 2014 and is based in New York City, Libra is a blockchain company that delivers middle and back office solution for the crypto asset ecosystem. It provides a system of record that automates and optimizes accounting, audit and tax processes for funds, fund administrators, exchanges, trading operations and enterprises. The company’s solutions ensure real-time visibility to crypto transaction activity and holdings for institutions that require highly scalable and secure reporting, compliance and control solutions.
The new funding will be used to continue building out its core product, the Libra Crypto Office platform, as well as support the release of new products and services later this year.
The company said the new funding not only strengthens the ability for further product growth but also the ongoing expansion into new customer segments such as miners, lenders and custodians.
“Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators,” said Jake Benson, Founder and CEO of Libra. “We are very excited our investors have affirmed their continued support for Libra with their contribution to our Series B raise. Their commitment allows us to expand our customer offerings, grow our team and increase our customer base.”
The Series B funding round comes on the heels of Libra’s announcement regarding its support for fund administrators. Trident Trust and Theorem Fund Services are now live on the Libra Crypto Office platform, with Apex Fund Services, North Street Global, and Stonegate Global Fund Services on-boarding their initial hedge fund clients. Additionally, another ten fund administrators are currently in the contracting process.
Libra said it will be providing fund administrator customers the timely information required to support the striking of daily net asset values (NAV). IronChain Capital’s crypto index funds will be the first funds to utilize this capability to support ongoing daily deposits and/or redemptions.