Blockchain analytics firm TRM Labs closes $14 million Series A round from PayPal and other investors

Blockchain analytics firm TRM Labs closed a $14 million Series A round.

It was led by venture firm Bessemer Venture Partners with participation from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Y Combinator and others.

As part of the deal, Bessemer partner Ethan Kurzweil joined TRM Labs’ board of directors.

TRM Labs CEO Esteban Castano told The Block that the funds would be used to grow the team from 30 to 100 people by the end of 2021.

Founded in 2017, TRM Labs provides blockchain-analytics tools to financial and government institutions, as well as crypto firms, to detect fraud and financial crime involving digital assets.

According to the CEO, the firm grew 600% year on year. Total funding for TRM Labs stands at around $20 million. Castano declined to disclose the company’s valuation.

Earlier in May, the market-manipulation monitoring startup Solidus Labs closed a $20 million Series A round.

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