The Munich-based blockchain startup Tangany has received seed funding. The young company, based in MTZ was able to convince the High-Tech Gründerfonds (HTGF) and several business angels. The sum was not disclosed.
Founded in January 2019 by Martin Kreitmair, Christopher Zapf and Alexey Utin, the Blockchain startup Tangany only one EXIST scholarship and can now announce seed financing—almost a year after its official launch. In addition to the High-Tech Gründerfonds, several well-known business angels are investing.
Tangany offers a B2B solution for securely storing digital assets such as cryptocurrencies for companies in a kind of digital vault using blockchain technology. The integration of various blockchains such as Ethereum, Bitcoin, or even the company's own blockchain works via a simple interface (API). Alternatively, a white-label wallet solution can be used.
“We had no financial pressure”
Martin Kreitmair, Managing Director of Tangany, explains on the subject of investor search:
"We didn't rush into the investment, but instead specifically sought out high-quality partners. Since we were already profitable in 2019, we weren't under any financial pressure and carefully considered who to bring on board as an investor."
Seed financing aims to accelerate growth
The startup already has numerous customers across Europe, using a total of over 15,000 blockchain wallets. Thanks to widespread market acceptance, the startup was able to close 2019 with a profit. The additional capital will now accelerate customer growth. Tangany also plans to further develop its technology and apply for a crypto custody license from BaFin.
For Tobias Schulz, Senior Investment Manager at HTGF, is impressed by the startup's team and business idea. He says:
"Above all, the combination of the founders' technological and regulatory expertise convinced us. We see Tangany as an important building block for making blockchain applications acceptable."
Together with HTGF, business angels Alex Suarez (CEO of Valchain), Philipp Treuner (former manager at Commerzbank), and Stefan Schindler (former CTO of Genesis Mining) are investing in Tangany. This will provide the startup with additional expertise in regulation and IT security.
Want to learn more about Tangany? Then read our interview with founder Martin Kreitmair.
