TRM Labs Secures $14M in Series A Funding with Support from PayPal, Salesforce
Coinspeaker
TRM Labs Secures $14M in Series A Funding with Support from PayPal, Salesforce
On Thursday, June 17, blockchain intelligence and forensic firm TRM Labs announced that it has secured $14 million in a Series A funding round with support from tech giants like PayPal and Salesforce. As per the official press release, Bessemer was leading this funding round.
Other partners participating included Blockchain Capital, Jump Capital, Initialized Capital and also a few Google executives. Besides, some of the existing investors include Alumni Ventures Group, Y Combinator, Tapas Capital SGH Capital, etc.
TRM Labs specializes in performing forensic analysis across more than a dozen public blockchain networks. It tracks real-time signs of fraud and financial crimes by analyzing billions of crypto transactions on different blockchains. TRM Labs has a critical role to play with the rising adoption of digital assets. Exchanges, banks, financial institutions, etc. are approaching TRM Labs seeking crypto compliance and risk management solutions. Esteban Castaño, co-founder and CEO of TRM Lab said:
“At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth.”
TRM Labs Meteoric Growth and Funding
TRM Labs has registered solid growth in recent years. Last year in 2020, the company’s revenue shot 600% as it also expanded its operations by doubling the headcount. TRM Labs also sees a great opportunity for its services in the emerging DeFi market.
Over the last year, the total value locked in DeFi space has shot from $670 million to now above $13 billion. At the same time, the number of associated user wallets surged from 100,000 to 1.2 million. As the crypto ecosystem expands, the demand for services offered by TRM Labs increases simultaneously.
“The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age. TRM will also continue to be a strong partner to governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system,” said Ethan Kurzweil, Partner at Bessemer Venture Partners, who has joined the TRM board.
TRM Labs Secures $14M in Series A Funding with Support from PayPal, Salesforce