Remagine receives 20 million euros

The start-up now wants to pass on some of the money it has raised to start-ups in the form of loans. To do this, it is relying on a new type of financing.

Remagine has raised 20 million euros in a seed round. The sum consists of both debt and equity. However, the start-up does not break down the distribution. According to Handelsblatt, the largest investor is an institutional investor from the UK who wishes to remain unnamed. There are also business angels, such as Jonathan Weiner, former Global Head of Google Payment, and the former Chief Operating Officer of Paypal company Venmo, Michael Vaughn.

Remagine's business model is based on revenue-based funding. Remagine itself lends money to start-ups and charges a fee for this. The borrowers also undertake to cede part of their turnover instead of the usual shares. Part of the funding round is intended to flow into young companies. "We founded Remagine to solve two problems," co-founder Sebastian Dienst tells Handelsblatt. "We want to offer founder-friendly financing that doesn't rely on equity and at the same time be a good banking partner for start-ups."