Binocs, the crypto taxation and Web3 portfolio tracking platform, announced raising $4 million in its seed round from global institutional investors led by BEENEXT, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.
The company is also backed by several stellar crypto-native angel investors from the US and India. Binocs, which is launching its platform in the US, UK, South Africa, and Australia, will utilise the funds to expand its product, engineering, growth, and marketing teams, the statement said.
Founded in July 2022 by Tonmoy Shingal (Co-founder, Mettl, acquired by Mercer in 2018) and Pankaj Garg (Co-founder, Plabro Networks, ex-Google, American Express), Binocs came into being to help simplify these taxations and compliance for crypto investors. In the fast-evolving and complex crypto world, the company enables crypto investors to simplify their accounting and aggregates various Web3-based investments such as NFTs, DeFi Protocols, and Smart Contracts.
On this occasion, Tonmoy Shingal, Co-Founder, Binocs, said, “At a time when the various regulations around crypto tax are causing apprehension amongst crypto investors, we at Binocs are on a mission to leverage our state-of-the-art technology platform to ease the crypto taxation journey for investors. In essence, Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are working to bridge this gap. We are elated to have several renowned global investors partner with us on this journey as we work to better the lives of crypto investors across the world.”
Anirudh Garg, Investor, BEENEXT, remarked, “As the Web3 world grows, crypto native organisations will need solutions like Binocs to help them with their compliances, accounting, and bookkeeping. 20 countries currently have tax regulations and compliances in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on.”
Bala Srinivasa, Managing Director, Arkam Ventures said, “We are delighted to back a world-class team at Binocs led by Tonmoy and Pankaj. It’s early days in the Web3 space and we believe Binocs has a unique opportunity to build a dominant accounting, tax, and compliance platform for consumers and enterprises.”
Atul Gupta, Partner, Premji Invest said, “There is an increasing realization among retail and institutional investors about the potential of the crypto market as evidenced by the burgeoning interest in these assets. However, the supporting infrastructure and application for the web3 world are still in a nascent stage, especially in India. We are convinced that Binocs with its one-stop solution for crypto portfolio tracking and tax management, is well poised to emerge as a leader in making investments easier for customers across the globe. Our investment in Binocs aligns with our approach to provide long-term capital to differentiated companies, and we look forward to participating in their growth journey in the coming years.”
