TRM Announces $70 Million Expansion to Series B Led by Thoma Bravo

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TRM Announces $70 Million Expansion to Series B Led by Thoma Bravo

November 9, 2022

Today we announced a $70 million expansion to our Series B funding round, bringing the raise to $130 million in total.

We are thrilled to welcome new investors Thoma Bravo, Goldman Sachs, Brevan Howard, Geodesic Capital, and CMT Digital. We are excited to welcome back our existing investors including B Capital, PayPal Ventures, Citi Ventures, Marshall Wace, Amex Ventures, DRW Venture Capital, Alumni Ventures, and Bessemer Venture Partners.

This expansion follows our $60 Million Series B raise in December 2021, which was led by Tiger Global. The funding will drive 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 our Incident Response services and training programs.

“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”

“TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation,” said Christine Kang, a Principal at Thoma Bravo. “In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs. We’re excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive, financial ecosystem.”

Since launching in 2018, the company has grown revenue 490% year-over-year and expanded our 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 the TRM team include former law enforcement officers from the UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, HSI, FBI, U.S. Secret Service, U.S. Department of Justice, U.S. Department of the Treasury, DEA, and others. Since the initial Series B round in December 2021, we've also:

  • Acquired the UK-based investigations and training firm CSITech, a global leader in crypto and blockchain investigative training founded by Nick Furneaux, an internationally renowned expert in blockchain forensics
  • Launched Chainabuse, a free community-powered scam reporting platform that empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it
  • Integrated with additional blockchains including Solana, Polygon, and Avalanche to continue providing 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 tracing and entity risk scoring including Know-Your-VASP. These tools enable organizations around the world to safely embrace cryptocurrency-related transactions, products, and partnerships. TRM is based in San Francisco, California and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.

 

About Thoma 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 collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive 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.

 

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