SAN FRANCISCO–(BUSINESS WIRE)–TRM Labs, a leading blockchain intelligence company, has announced a $70 million expansion to the company’s Series B funding round, bringing the raise to a total of $130 million. The investment was led by Thoma Bravo, a leading software investment firm, with participation from Goldman Sachs and previous TRM investors including PayPal Ventures, Amex Ventures, Citi Ventures and others. The expansion follows TRM’s $60 million Series B raise in December 2021 led by Tiger Global.
TRM’s blockchain intelligence solutions are used by law enforcement agencies, regulatory bodies, tax authorities and financial intelligence units worldwide to support the investigation and analysis of crypto-related fraud and financial crime.
TRM’s private sector clients include some of the most prominent organizations in crypto and financial services, including businesses such as Circle, Shopify, MoonPay, OpenSea, Uniswap and others who use TRM’s blockchain intelligence platform to detect illegal or fraudulent financial activity and meet sanctions and regulatory requirements against money laundering (AML).
With this round of funding, TRM expects to make further strategic investments in product development and talent to deliver the most effective tools available to counter illicit financing and fraud in the crypto space and to meet the demand for Incident Response services and training programs.
“Demand has never been stronger for solutions that help protect crypto users, thwart illegal actors and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM sets the standard for data, products and training that equip businesses and governments to fight fraud and financial crime, even as new threats emerge.”
“TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sectors, with a unique breadth of asset coverage, cross-chain analytics and level of product innovation,” said Christine Kang, Principal at Thoma Bravo. “In a rapidly evolving regulatory landscape, TRM’s capabilities are increasingly critical to helping organizations scale and adapt to their risk management needs. We are excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive financial ecosystem.”
Since launching in 2018, TRM has grown revenue by 490% year-on-year and grown its team from four people to more than 150, with significant growth in teams across the UK, Singapore, Australia, Brazil and the UAE in the last two quarters. Members of TRM’s team include former law enforcement officers from the UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, HSI, FBI, US Secret Service, US Department of Justice, US Department of the Treasury, DEA and others. Since the first Series B round in December 2021, the company has also:
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Acquired UK-based forensics and training firm CSITech, a global leader in crypto and blockchain forensics training founded by Nick Furneaux, an internationally recognized expert in blockchain forensics
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Launched Chainabuse, a free community-driven fraud reporting platform that empowers anyone in the crypto-economy to alert others to scams, hacks or other fraudulent activity when they encounter it
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Integrated with multiple blockchains including Solana, Polygon and Avalanche to continue to provide the industry’s most comprehensive view of blockchain-based activity
About TRM Labs
TRM Labs provides blockchain intelligence to help government agencies, financial institutions, and cryptocurrency businesses detect, investigate, and mitigate crypto-related fraud and financial crime. TRM’s risk management platform includes solutions for cryptocurrency anti-money laundering (AML), transaction monitoring and wallet screening, investigative tracking and entity risk scoring including Know-Your-VASP. These tools enable organizations worldwide to confidently embrace cryptocurrency-related transactions, products and partnerships. Based in San Francisco, California, TRM is hiring across engineering, product, sales and data science. To learn more, visit www.trmlabs.com.
About Thomas Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $122 billion in assets under management as of June 30, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo partners with its portfolio companies to implement operational best practices, drive growth initiatives and make active acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 400 companies representing over $220 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.
