Global software investment firm Thoma Bravo has led a $70 million expansion to TRM Labs’ Series B funding round, bringing the raise to $130 million in total.
Goldman Sachs and previous TRM investors including PayPal Ventures, Amex Ventures, Citi Ventures, and others, also participated in the round. The expansion follows TRM’s original $60 million Series B raise in December 2021 led by Tiger Global.
TRM’s blockchain intelligence solutions are utilised by law enforcement agencies, regulatory bodies, tax authorities and financial intelligence units worldwide to support investigations and analysis of crypto-related fraud and financial crime.
TRM’s private sector clients include some of the most prominent organisations in the crypto and financial services space, including businesses like Circle, Shopify, MoonPay, OpenSea, Uniswap and others who use TRM’s blockchain intelligence platform to detect illicit or fraudulent financial activity and meet sanctions and anti-money laundering (AML) regulatory requirements.
With this funding round, TRM expects to make additional strategic investments in product development and talent to deliver the most effective, accessible tools to counter illicit finance and fraud in the crypto space and to meet demand for its Incident Response services and training programmes.
Since launching in 2018, TRM has grown revenue 490% year-over-year and expanded its team from four people to more than 150, with significant growth in teams across the United Kingdom, Singapore, Australia, Brazil and the UAE over 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, USDepartment of the Treasury, DEA, and others.
