Today we’re extremely excited to announce our first round of funding to help accelerate our mission to help crypto investors maximize their profits.

The round is led by Seattle seed fund Ascend VC. They are joined by BAM Ventures, defy.vc, Draper Startup House, Tacoma Venture Fund, Hustle Fund, Liquid 2 Ventures, Sketchnote Partners, and others.

Simplifying Crypto Taxes

Crypto taxes are difficult. Not only do investors need to be savvy about strategy and technology, but they also need to keep up with the ever-changing landscape of tax regulations. If we add the 2,000+ cryptocurrencies and 1,000+ exchanges, things get complex and complicated… fast.

Via: Bear.Tax

BearTax makes this solves this complex issue. We help you avoid untold hours of manual work by providing a platform onto which you can upload your raw transaction data to. Then, we take that and process it to show your gains and losses for a given tax year — all for free. Lastly, you can purchase a subscription to download completed tax documents for your filing needs. Whether you’re in the US or in India, we’ve got you covered.

We’re thrilled to have the support of top-tier investors for our first round of outside funding. They’re betting on our vision, our winning strategy, and our ability to innovate and execute to capture this quickly-evolving global market.

- TELA ANDREWS, CEO OF BEARTAX

Infographic Via: Finances Online

Accelerating Product Development to Keep Up with Demand

We’re starting from a strong foundation with our existing product. Using this investment, we will build a planet-scale platform, a best-in-class experience, and innovate to win the market.

Not only does the new investor tool provide a better customer experience, but it will also feature a fully optimized mobile experience — a first for crypto tax software solutions. So whether you’re at home or prefer to work with your taxes on the go, BearTax will have you covered. We have more exciting product announcements to share in the coming months!

Doubling Down on Global in 2022

BearTax was designed from the beginning to be a scalable and global crypto tax solution. Now, we’ll be able to fully execute this vision. This new funding provides us with the resources to turn our global crypto tax engine into a truly world-class product.

There will be billions in taxes owed to global governments on cryptocurrency gains for 2021. But crypto tax preparation software as a service is in its infancy. With his background running product at the largest enterprise tax software company in the world, Tela is just the founder to tackle this problem.”

KIRBY WINFIELD, FOUNDING GENERAL PARTNER AT ASCEND VC

We’re going to continue investing in our core offerings, future products, and most importantly, our team. This will allow us to build the best solutions for our customers and our partners.

Curious about what the new investor experience looks like?

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