Tactic, a crypto accounting platform located in New York, announced on May 4 that it had raised $2.6 million in a new seed funding round. Tactic plans to use the new funds to enhance its workforce and improve its accounting software. Tactic’s accounting technology assists crypto firms with cash flow management and growth.
Founders Fund, a San Francisco-based venture capital firm, and Ramp, a New York-based financial automation platform, led the seed funding round. Elad Gil and Dylan Field, the other two major tech investors, also took part in the funding round.
Ramp CEO and Co-founder Eric Glyman explained why his company invested in Tactic, claiming that there is a demand for easy, intuitive solutions for organisations dealing with cryptocurrency. Meanwhile, Founders Fund Principal Marie Braswell stated that Tactic’s solution is already being used by crypto accounting teams on a regular basis.
Ann Jaskiw, the CEO and founder of Tactic, also weighed in on the situation, saying:
“Tactic is tackling the problem of accounting for a business’s cryptocurrency holdings and on-chain activity by aggregating data across disparate sources to give businesses a full treasury view of their balances and activities. Tactic’s software helps companies automatically categorise transactions and apply accounting logic such as calculating $USD gain/loss and taxable events. Accountants can then reconcile a business’s crypto-sub-ledger to traditional accounting software like QuickBooks.”
Jaskiw launched Tactic after realising that web3 founders were doing their accounting in spreadsheets and that existing accounting software providers were not intended to handle crypto transactions. She found that blockchain and crypto companies were having trouble making sense of their jumbled activity, and that DeFi transactions were the most difficult.
Since its introduction in 2021, Tactic has partnered with accounting firms to aid with the interpretation of accounting principles for DeFi-specific operations like airdrops, staking, and NFT minting. Several clients have signed up for the accounting platform, ranging from early-stage companies to billion-dollar corporations in a variety of industries, including DeFi, NFTs, and protocols.
