BULLISH 📈 : TRM Labs reaches unicorn status with $70 million Series C funding

TRM Labs Becomes a Unicorn with $70 Million Series C Funding

TRM Labs has reached a valuation of $1 billion after securing $70 million in Series C funding.
The funding round was led by Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Y Combinator, Thoma Bravo, and first-time backer Galaxy Ventures.
TRM Labs provides blockchain intelligence software to help track cryptocurrency transactions, aiding financial institutions, law enforcement, and governments in detecting illicit activities.

Strong Growth and Future Plans

TRM has achieved over 150% annual revenue growth for the past five years, serving clients like Circle, Coinbase, PayPal, Robinhood, Stripe, and Visa.
The company plans to use the new funding to hire AI researchers and engineers and enhance its compliance and investigation tools.
TRM's Series A in 2021 raised $14 million, supported by PayPal and Salesforce.

Despite market downturns affecting valuations, TRM Labs joins other companies like Chainalysis and Elliptic in achieving significant funding milestones.
The sector continues to attract venture capital, indicating investor confidence in the growth potential of crypto analytics.