XBOOKS Raises £425K in Pre-Seed Funding
XBOOKS Ltd, a London, UK-based crypto accounting and tax reporting startup, raised £425K in pre-seed funding.
The round, closed in October 2022, was led by SFC Capital, NexumStp, and some angel investors.
The company is using the funds to consolidate the current markets, focusing on increasing the user base, revenues and team. Thanks to its strong performance over the past six months, XBOOKS has now opened a Seed round of investment with plans to raise £1M during 2023 to expand its business into three additional European countries.
Founded in 2022 by Federico Pacilli, XBOOKS provides CryptoBooks, a cryptocurrency tax reporting software platform that allows individuals and companies that use cryptocurrencies for investments or payments to generate reports of all their transactions, classify them, calculate capital gains/losses and acquire all the accounting data necessary to draw up tax returns or company financial statements in a compliant manner with tax regulations and provisions of the reference country.
The company is currently ending its Private Beta phase and already has more than 1,200 paying customers, generating more than £190K in revenues and approx. £150K as ARR, mostly acquired through organic marketing and partnership campaigns.