Meet The 21-Year-Old Dropout Turned Web3 Founder – And Raised $3.2 Million In 6 Months
21-year-old Arnav Bathla had dropped out of college, made a bold move of moving into the United States with a one-way ticket, and founded Coinbooks, a San Francisco-based Web3 startup, building an accounting software designed for crypto-native organizations.
The company, which Arnav calls “Quickbooks for crypto”, is only 6 months old has now raised a total of $3.2 million with support from world-class investors like Lattice Capital, Founders, Inc. Multicoin Capital, and even Polygon’s
very own founders. The company was also accepted into Silicon Valley’s Y Combinator program participating in the summer 2022 batch.
Originally from India, Arnav had dropped out of college just last year to pursue his dreams of founding his own tech company. He said that ever since when he was 13 years old, he was always fascinated by computers and technology. He was then inspired by the stories of Mark Zuckerberg and Steve Jobs to create a product of his own that will impact billions of people all over the world.
Arnav Bathla reading a book at University of Victoria campus
However, it wasn’t always a straight line and certainly wasn’t an overnight success for Arnav. For the past 2 years, he has played around with different ideas and almost none of them solved a ‘pressing’ problem. He went from one idea to the next until, at some point in his journey, he had nothing but $0.50 cents in his bank account. He said that he was basically able to survive by in pitch competition money.
“I had $0,50 cents in my bank account and at some point, I had to go 2 days without a meal and survive with the money I received from pitch competitions.” Arnav adds.
Arnav Bathla’s tweet about his journey into Coinbooks
Arnav never lost hope and through all of this, he developed one important skill, grit. He believes that grit is a skill all founders must have. Additionally, he always believed that he was destined to become a startup founder which is why he never gave up.
He likes to coin the phrase, “Friends over transactions”, when it comes to building relationships. When asked what advice would he give to aspiring founders and tech entrepreneurs, he said that developing grit and resiliency is the key. “It’s going to be hard and challenging. You have to make sure you surround yourself with the right people, especially those who you look up to or people that have been where you are. In my case, I had to reach out to Series B founders to get their guidance and mentorship.”
The idea of Coinbooks was born when he saw that a growing number of crypto-native companies had to handle their bookkeeping in a very manual and repetitive way. Additionally, no one wants to handle back-office work.
Coinbooks landing page
“Accounting is an area that needs more iteration and innovation in the crypto space and the truth is that founders and teams don’t want to handle accounting operations themselves, even for the non-Web3 companies, which is why they always delegate and outsource.” Arnav adds.
There’s also no present solution in the market that solves this type of problem for Web3 companies, there’s Intuit
and Quickbooks for companies that transact in fiat, but nothing for crypto. Arnav saw this as a huge opportunity and founded Coinbooks to fill in the gap.
The idea is simple, crypto teams will connect their crypto wallet/s and integrate their existing account software like Quickbooks, then Coinbooks will process transactions and accounting under the hood in as simple as one click. Tagging and labeling a transaction is easy and quick.
Coinbooks landing page
Coinbooks is currently building the fastest accounting software for crypto-native organizations and already has customers like Layer3, ThirdWeb, and Pointer. The company has also established partnership with bookkeeping and tax preparation companies like Fondo, Metacounts, and Electrafrost.
When asked what’s his 10-year vision for Coinbooks, Arnav said, “To become the financial infrastructure for the crypto industry.” The plan is to not only build an accounting software but to provide an entire financial back-office, which includes handling crypto payments, payroll, and compliance for Web3 organizations, preparing taxes like TurboTax, and providing a CFO
or Chief Financial Officer treatment.
Arnav envisions a world where everyone pay in crypto and that a decade from now, every company that transact in crypto will use Coinbooks. For more info about Coinbooks, visit the official website at coinbooks.xyz.