Tres raises $7.6 million to help web3 teams manage their financial and crypto data • TechCrunch

Tres, a financial “data lake” for web3 companies, has raised $7.6 million in a seed round led by boldstart ventures 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. In addition to angel investors such as 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, allowing crypto entities’ financial teams to better understand what’s happening internally in their business without needing the crypto-native knowledge and experience to aggregate the information, Zackon said .

The platform can onboard any on-chain or centralized financial data source and enable financial workflows such as balance calculations or auditing and reporting, allowing companies to 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 you need with raw data and financial data, there is no need to manually collect the data, move it around, edit it and do calculations.”

“CFOs really struggle to understand what’s going on within their financial parameters because they didn’t grow up in this area, it’s different from traditional finance with new protocols and products coming up all the time,” Zackon said. “They don’t know how to deal with it.”

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

As it stands, there are few technologies or platforms out there to help web3 companies manage their finances, Zackon said. “They mainly use excel spreadsheets and block explorers like etherscan to manage thousands of wallets, with hundreds to billions of dollars – manually – which is crazy. That’s why we made this.”

“We are 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 anywhere else – all we need is your wallet address and we can pull all the transactions from all 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 completely and cut it the way you want.”

To date, Tres has monitored and analyzed over $40 billion in crypto assets for clients such as Hivemind Capital, non-custodial staking platform Stakely and blockchain infrastructure firm Blockdaemon across the US, Israel and Europe, the press release said.

Although the current crypto market is shaky, the decline and bearish sentiment are “actually positive” for Tres, Zackon said.

“When everything goes up and everyone makes money, nobody cares about finances,” Zackon said. “But when things start to go 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” of crypto organizations, Zackon said.