Blockchain Custody Startup Tangany Raises EUR 7 million in Seed Round
Tangany, a BaFin-regulated white-label platform for custody of crypto assets, has just raised €7 million in a seed round led by Nauta Capital. Existing investor HTGF and new investor C3 VC Fund also participated in the round.
Tangany's WaaS (Wallet as a Service) provides highly secure storage for digital assets such as Bitcoin, Ethereum, stablecoins, security tokens and NFTs. Their proprietary solution supports both hot and cold wallets to provide clients the easiest way to adopt blockchain.
The Munich-based fintech startup has seen skyrocketing growth over the last year, onboarding over 25 new clients including Tezos Foundation, Quirin Privatbank and Exporo. This growth reflects now more than €400 million of digital assets under custody, increasing their revenue 5x by the end of 2021.
Martin Kreitmair, CEO of Tangany said: "With this successful funding round we begin the next chapter of our development. We were 4x oversubscribed which shows that Tangany is heading in the right direction. So far, Tangany has been growing through its own profitability. Our partnership with Nauta Capital, C3 VC Fund and our existing investors, will enable us to accelerate our growth by expanding our team whilst also retaining our exceptionally high standards of quality and reliability. We will continue to innovate, and we couldn't be more excited for the future."
The team is expected to grow to more than 50 employees by the end of 2022, starting with the key hiring of Heinrich Polke, their new COO. The fresh capital will also enable Tangany to add new services to the existing core custody business such as staking and yield farming. In parallel, the different business activities will be streamlined through one unified API and a newly added website interface for clients.
Source: EU-Startups
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