Seed financing for Munich blockchain custody startup Tangany
The High-Tech-Gründerfonds invests with well-known business angels in the Munich company Tangany. The startup offers a reliable blockchain crypto storage solution for companies. This includes the secure management of wallets in a kind of digital safe (so-called hardware security module) and the simple use and communication with various blockchains such as Ethereum, Bitcoin or the customer’s own blockchain. The solution can be integrated into any system using an interface (API). Alternatively, a white-label wallet solution can be used.
Managing Director Martin Kreitmair proudly said about the closed investment round: “We did not rush the investment, but specifically looked for high-quality partners. Since we were already profitable in 2019, we had no financial pressure and carefully considered who we would bring on board as an investor. ”
Tangany serves companies from across the EU and beyond. Due to the open positioning, the technology can be used in all industries. As a result, Tangany was already able to attract numerous companies as customers in 2019 who use a total of over 15,000 blockchain wallets. The great acceptance in the market has enabled Tangany to work profitably from the start and to close with a profit in 2019.
“We were particularly impressed by the combination of the founder’s technological and regulatory expertise. We see Tangany as an important Software Service provider to make blockchain applications useable” says Tobias Schulz Senior Investment Manager at HTGF.
In addition to pure capital, each of the new partners brings valuable expertise. The additional capital is intended to accelerate customer growth, enable the further development of the technology and support the application for the German ‘crypto storage license’ with BaFin, in accordance with the Money Laundering Act. In addition, an infrastructure was created to support upcoming technologies such as the digital euro on blockchain in order to be able to offer banks and companies a functional solution.
Together with the HTGF, the business angels Alex Suarez (CEO of Valchain AG), Philipp Treuner (former manager at Commerzbank GmbH) and Stefan Schindler (former CTO of Genesis Mining) are participating in Tangany. This gives the startup important know-how in the field of regulation and IT security.