Participated · Series A · Aug 2021

ZenLedger builds crypto tax-preparation software that ingests transactions from on-chain and off-chain sources—including NFTs, decentralized exchanges and DeFi protocols—cleans and reconciles them, and outputs accounting and tax reports. The product supports more than 500 exchanges, 50 blockchains and 40 DeFi protocols, and is used by individual filers as well as Big Four accounting firms, ultra-high-net-worth tax practices and CPA firms. The company says its revenue has grown 5x year-over-year and it holds four U.S. government contracts worth just over $500,000. ZenLedger says it is doubling down on government contracting and plans to keep building integrations to expand exchange, chain and protocol support. The company announced multiple C-suite hires in April, including a new CTO and CFO, and named Greg Adams as COO after firing its former COO for misrepresenting credentials. ZenLedger provides a cryptocurrency portfolio management and tax software platform that enables investors and traders to view portfolio performance and track tax savings in a continuously updated dashboard. The platform offers a digital workflow for investors and accountants to simplify, optimize, and automate tax and accounting processes to help adhere to IRS and SEC regulations. It integrates with more than 400 exchanges, 40+ blockchains, 20+ DeFi protocols and all wallets. ZenLedger raised $6M in a Series A and has raised $11.5M total to date. The company plans to use the new capital to release its cryptocurrency portfolio management solution, hire across marketing, enterprise sales, customer service, and software engineering, and further advance product and customer experience. Founded in 2017 by CEO Pat Larsen and CTO Bryan Starbuck and based in Seattle, WA, the company targets investors, traders, and accountants managing crypto tax and compliance. ZenLedger provides tax, financial analysis, and blockchain analytics tools that import transactions from hundreds of exchanges, wallets, and blockchains to generate profit & loss statements, tax loss harvesting analysis, Schedule D, Form 8949, FinCEN 114/FBAR, FATCA outputs, and full audit packages. The platform has helped thousands of cryptocurrency investors and accountants and has processed more than $1B of crypto transactions. Customers report saving dozens of hours and thousands of dollars using the software. ZenLedger says it has grown revenue and customers by over 500% year over year and operates with a 15-person team in Seattle. Management plans to continue improving its tax, financial analysis, and blockchain analysis products and to hire additional developers, marketers, and customer success specialists. ZenLedger is a Seattle-based provider of tax software for cryptocurrency investors and their accountants. Its platform lets users import transactions, calculate gains and income, prepare tax returns, manage portfolios, and generate profit-and-loss statements. The product is designed to help cryptocurrency investors and their accountants file taxes and avoid IRS audits. Led by CEO Pat Larsen and CTO Bryan Starbuck, the company raised $1.5M in venture funding to support growth. ZenLedger plans to use the funds to accelerate product development and expand marketing to CPAs and individual investors.

Led · Seed · Jun 2021

SmartDeFi offers a user-friendly iOS app that lets users enter risk-adjusted DeFi products (branded as "DETFs") via bank account, credit card, or Apple Pay without custodial custody. The app removes onboarding hurdles and allows 24/7 buying and selling while users truly retain ownership of their assets. SmartDeFi is built on the Polygon network to avoid high gas fees and network congestion. Its infrastructure integrates Idle Finance, Gnosis Safe, Wyre, and Torus Labs to create a seamless onboarding and custody experience. The company launched an early-access beta and planned a public launch in Q2 2021. SmartDeFi was founded in 2020 by Kieran Daniels (CEO) and Dziugas Butkus (CTO) and is based in San Francisco. The company has secured $1M in pre-seed funding to support its launch and growth.

Led · Seed · May 2021

Evertas is a Chicago, IL-based cryptoasset insurance company focused on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology. It covers exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners and net worth individuals. As a Lloyd’s coverholder, Evertas can write and service policies insuring custodial cryptoassets and blockchain infrastructure. The company is licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority. Led by CEO J. Gdanski and President Raymond Zenkich, Evertas intends to use new funding to expand underwriting capacity, add key personnel and further develop proprietary enabling technologies and standards. The company closed a $14M Series A to support those plans. Evertas has developed comprehensive underwriting tools and a framework for crypto, including blockchain and DLT systems. It offers an end-to-end insurance product for crypto that includes claims handling and comprehensive risk-management processes. The company says these capabilities allow it to underwrite and scale insurance products for the crypto ecosystem. Led by CEO J. Gdanski and President Raymond Zenkich, Evertas is headquartered in Chicago, IL. It raised $5.8M in seed funding and will use the proceeds to accelerate product development and build out infrastructure. The team also counts a number of industry operators and individual investors among its backers. Evertas provides insurance coverage for institutional holders of cryptoassets, including exchanges, custodians, traditional financial institutions, funds, family offices and ultra-high-net-worth individuals. The company focuses on underwriting risks faced by institutional crypto participants and operates as a licensed insurer. Founded in 2017 and rebranded from BlockRe, Evertas received a Class 3A licence from the Bermuda Monetary Authority earlier in 2020 to begin operating from that jurisdiction. The team includes experienced executives such as the founding Chief Insurance Officer of Lemonade and senior blockchain insurance and banking veterans. Evertas will use the seed funding to support its growth plans. The company emphasizes its world-leading team as it scales operations in the institutional crypto insurance market.