TRM Labs Raises $70M In Extended Funding
- TRM Labs has recently added $70 million to its Series B funding round, bringing the total raised in Series B to $130 million after it earlier raised $60 million from Tiger Global.
- The extension of the investment round, which was led by leading software company Thoma Bravo, saw participation from major industry players, including Goldman Sachs.
- Previous investors like Amex Ventures, PayPal Ventures, and Citi Ventures, and others also took part in the same.
Renowned blockchain intelligence company TRM Labs has recently added $70 million to its Series B funding round, bringing the total raised in Series B to $130 million after it earlier raised $60 million from Tiger Global, an American investment firm that mainly focuses on the Internet, software, consumer, and financial technology industries.
According to the official announcement, the extension of the investment round, which was led by leading software company Thoma Bravo, saw participation from major industry players, including Goldman Sachs. Moreover, TRM Labs also received support from its previous investors, including Amex Ventures, PayPal Ventures, and Citi Ventures, among others.
TRM Labs, which boasts some of the most powerful firms in the industry like Circle, Shopify, MoonPay, OpenSea, Uniswap, etc. as its clients, said that the funds will be used “to make additional strategic investments in product development and talent to deliver the most effective, accessible tools to counter illicit finance and fraud in the crypto space and to meet demand for its Incident Response services and training programs.”
“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”
TRM Labs’ blockchain solutions are utilized by government agencies and regulatory bodies along with tax authorities and financial intelligence units. It is imperative to note that amidst the growing cases of DeFi hacks and crypto scams, the new funding raised by the blockchain intelligence firm will definitely help in the longer run. The firm will also continue to support the above-mentioned authorities and agencies in conducting investigations and analysis of crypto-related fraud and financial crime..
Interestingly, the announcement read that since the launch of the firm in 2018, TRM Labs has grown exponentially and breached the 490% mark year-over-year and expanded its team from four people to more than 150 in just four year. Its teams across major countries like United Kingdom, Singapore, Australia, Brazil and the UAE, have seen major growth over the past two years and the future is also expected to be highly lucrative in these regions due to a surge in crypto-related scams and frauds.
“TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation,” said Christine Kang, a Principal at Thoma Bravo.
Kang also added that in a rapidly evolving regulatory landscape, “TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs.”