Crypto accounting platform Cryptio has raised $1.2 million in a seed funding round led by Draper Associates.
Other participants in the round included ConsenSys Ventures, Outlier Ventures, and Aave founder Stani Kulechov, among others.
With fresh capital at hand, the Paris-based Cryptio aims to scale its corporate accounting solution for digital assets. Founded in 2018, Cryptio provides an accounting platform that helps businesses with tax filing and other activities.
"Tax is only a tiny portion of what we are doing," Cryptio founder and CEO Antoine Scalia told The Block in an exclusive interview. "As a business using crypto for payments, treasury, product development, I need to have a system that identifies all these accounting use cases and pushes the data properly in my accounting system."
"A marketing expense done in USDC needs to be identified as such and then split into the rights accounts in my accounting system," he added.
ConsenSys, Aave, and Centrifuge are among Cryptio's current list of clients. The firm has a total of around 60 clients, Scalia told The Block.
Verady is Cryptio's closest competitor, said Scalia, adding that the startup is focused on the U.S. market. Cryptio's solution is global, said Scalia. "We have clients in the U.S., UK, Germany, Switzerland, Singapore, and even Costa Rica and Venezuela." Other indirect competitors of Cryptio include Lukka, Cointracker, and Cointracking, according to Scalia.
There are currently seven people working for Cryptio, and Scalia is looking to hire a product manager, a designer, and an engineer in the next six months.
The seed funding brings Cryptio's total funding to date to $1.4 million. Last February, the firm raised a pre-seed round of $200,000 from ConsenSys Ventures and Outlier Ventures.