Crypto.com invests in web3 back-office platform Headquarters’ $5 million raise

Web3 back-office platform Headquarters has closed a $5 million round co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures. 

The pre-seed raise also includes backing from Saison Capital, 500 Startups and Longhash Ventures as well as prominent angel investors such as Nansen CEO Alex Svanevik, Race Capital’s Chris McCann and Etherscan founder Matthew Tan, according to a release today. 

Headquarters draws on the perspectives of angel investors and web3 funds who see a need for companies to better manage their working capital across custodial and non-custodial wallets, per the release. Headquarters aims to solve this problem and reduce human error in web3 bookkeeping. It’s starting with the launch of HQ Teams, a tool for web3 firms to manage their financial operations. 

“We built HQ Teams to make finance best practices less exhausting by taking out the tedious manual work,” Sharon Paul, Headquarters co-founder and CEO, said in the release. “Getting this right means teams can finally expect the same operational excellence for their internal financial workflows as they do with everything else in the sector.” 

Improving web3 financial operations

HQ Teams will provide a balance management tools to track funds across wallets and enable the labelling and filtering of transactions to ensure wallets are accounting ready, per the release. 

The new funds will be used to accelerate the development of the HQ Teams product. 

“The Headquarters team is building an essential service for any web3 company,” said Jon Russell, investment partner at Crypto.com Capital, in the release. “Say goodbye to the arduous task of manually transferring tokens and making payments. Instead, teams can now automate their treasury flow for day-to-day operations.” 

Before founding Headquarters, Paul was head of payments at Fazz.com, while her co-founder and chief technology officer Sunny Singh has led engineering teams at companies such as Traveloka and Grasshopper. 

“HQ’s founding team’s experience in traditional finance and web3 provides them with a deep understanding of the operational pain points the industry most needs to solve,” said Carlos Jo-Loo, principal at Mass Mutual Ventures, in the release.

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Source: https://www.theblock.co/post/171270/crypto-com-invests-in-web3-back-office-platform-headquarters-5-million-raise?utm_source=rss&utm_medium=rss