We’re thrilled to announce our Series A investment in CoinTracker, the leader in cryptocurrency portfolio tracking and tax compliance for consumers.
Over the last five years, we’ve seen an explosion in crypto activity across the globe - a wave of new users, venture funding, and engineering talent has entered the ecosystem. At Accel, we have made a number of investments backing these trends – including Nansen, Chainalysis, Sorare, and Sky Mavis – and we continue to be excited by the possibilities.
As consumers interact with crypto in more ways - from NFT’s to staking - one of the clear burdens on consumers is figuring out how to report and manage tax exposure. The top question on this year’s IRS Form 1040 asks consumers whether they exchanged or sold any crypto in the last year. Crypto users want the vast benefits the blockchain provides, but it’s clear they also need tools to navigate an increasingly complex tax landscape across jurisdictions.
Enter CoinTracker: A product created to make tax compliance and portfolio tracking seamless. While accurate tax calculations might seem mundane (they aren’t!), we’ve been consistently blown away by the quality of products that the CoinTracker team launches (and the consumer response). They have partnered exclusively with the industry leaders like Coinbase, OpenSea, Blockchain.com, and consumer tax providers like Intuit’s Turbotax.
We also appreciate the way in which Jon Lerner and Chandan Lodha have built the company. Every step of the way they’ve prioritized product and surrounding themselves with great people over grabbing the spotlight and raising capital (the company has only raised $2 million to-date) and in this way, we see Jon and Chandan sharing the same ‘bootstrapped’ DNA as some of our enduring companies like Atlassian, 1Password and Galileo.
We are looking forward to working with co-investors like General Catalyst, Initialized, YC Continuity, and the venture arms of Coinbase, Kraken, and Intuit.
Congrats to Jon, Chandan, and the entire CoinTracker team on everything you have accomplished thus far - we couldn’t be more excited to join you on this journey.
–– Sagar Sanghvi, John Locke and Graham Hutson