Tres raises $7.6M to help web3 teams manage their financials and crypto data

Tres, a financial “data lake” for web3 companies, has raised $7.6 million in a seed round led by boldstart ventures, its founder and CEO Tal Zackon, exclusively shared with TechCrunch.

Investors include F2, The Chainsmokers’ venture fund Mantis, New Form Capital, Kenetic Capital, Blockdaemon Ventures and Alchemy. As well as angel investors like Fireblocks CEO Michael Shaulov and Chainalysis CEO Michael Gronager, among others.

The Tel Aviv-based firm aggregates crypto data across different wallets, accounts and platforms, so crypto entities’ financial teams can better understand what’s happening internally at their business without needing the crypto-native knowledge and experience to gather the information, Zackon said.

Its platform can onboard any on-chain or centralized finance data sources and enable financial workflows like balance calculations or auditing and reporting so businesses can monitor and manage their web3 assets both on-ramp and off-ramp, Zackon added. “The thing about having all the data related to your business in a data lake in a format that you need with raw data and financial data, there’s no need to manually gather the data, move it around, edit it and do calculations.”

“CFOs are really struggling to understand what is happening within their financial parameters because they didn’t grow up in this space, it’s different from traditional finance with new protocols and products coming up all the time,” Zackon said. “They don’t know how to handle it.”

The capital will be used to hire as well as build out its product, Zackon said. “I think today we’re really working on onboarding customers and developing the product for their needs and pains. The more we add, the deeper these use cases become and more use cases will open up.”

As it stands, there’s little technology or platforms out there to help web3 companies manage their finances, Zackon said. “They’re mainly using excel spreadsheets and block explorers like etherscan to manage thousands of their wallets, with hundreds to billions of dollars – manually — which is madness. That’s why we created this.”

“We’re able to go cross-chain, cross-protocol, cross wallet, on-chain and off-chain,” Zackon said. “Adding data whether it’s on Coinbase, Solana or somewhere else – all we need is your wallet address and we can pull all the transactions from all the wallets into one data lake. Something like that doesn’t exist today, you have to look at Ethereum data or Solana data one at a time. But on our platform you can look at it altogether and slice it how you want.”

To date, Tres has monitored and analyzed over $40 billion of crypto assets for customers like Hivemind Capital, non-custodial staking platform Stakely and blockchain infrastructure firm Blockdaemon across the US, Israel and Europe, its press release stated.

Although the current crypto market is wavering, the downturn and bearish sentiment is “actually a positive” for Tres, Zackon said.

“When everything is going up and everyone is making money, no one cares about finance,” Zackon said. “But when things start going sideways, you have to think about what you’re actually worth, how much runway you have, where the money is.”

At the end of the day, Tres hopes to become the “financial backbone” to crypto organizations, Zackon said.

Tres raises $7.6M to help web3 teams manage their financials and crypto data by Jacquelyn Melinek originally published on TechCrunch

from https://techcrunch.com/2022/09/20/tres-raises-7-6m-to-help-web3-teams-manage-their-crypto-financials/