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Crypto tax solution startup Libra raises $15M in Series B funding

Wed, 08 Aug 2018, 03:38 am UTC

Blockchain startup Libra has raised $15 million in a series B round, bringing its total funding to $24.8 million.

The funding was led by the company’s previous lead investor, a prominent, multi-billion dollar European family office, with continued participation from Series A investors, including Liberty City Ventures. Libra raised $7.8 million in Series A round last year, which followed a $5 million seed funding round.

Founded in 2014, New York-based Libra is a blockchain-native technology 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.

In its official release, the company said that it plans to use the new funding 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.

“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 announcement comes on the heels of the launch of Libra’s new offering for fund administrators and the growth of its customer portfolio. Last month, the company announced that it is providing fund administrator customers with the timely information required to support the striking of daily net asset values (NAV).

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