WEB3 management solutions provider Headquarters announced on Wednesday (Sep 21) that it has secured US$5 million in its pre-seed round co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures.
Headqaurters said that the funds will be used accelerate the company's product - a command centre for Web3 teams called HQ Teams - in helping firms manage financial operations or 'treasury flows' and report for more responsible accounting practices industry-wide. This includes bridging wallets with traditional financial operations tools spanning from accounting, invoicing, payroll, spend management and fiat ramps.
The product, which was launched on Wednesday, provides Web3 businesses with better visibility across both custodial and non-custodial wallets holding operational funds, helps execute payables and receivables as well as label and filter crypto transactions.
Other participants of this round's funding include Saison Capital, Coinhako and Longhash Ventures, as well as other angel investors from custodial and non-custodial wallets such as Gnosis Safe's co-founder Lukas Schor, Spenmo's co-founder Mohandass Kalaichelvan and Fazz's co-founder Liu Tianwei.
Sharon Paul, Headquarters co-Founder and chief executive, built HQ Teams after noticing that Web3 teams "lacked in rigour" when it comes to keeping their financial operations and reporting in order, especially as these teams often have finances spread across both custodial and non-custodial wallets.
This makes Web3 bookkeeping subject to human error as managing payables and receivables typically involves spreadsheets and a highly manual process of copying and pasting transactions, said Headquarters in a press statement.
Building HQ Teams was therefore Paul's solution to help make finance practises "less exhausting", through removing tedious manual processes.
"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," said Paul.