High-Tech-Gründerfonds has invested in Munich startup Tangany, together with angel investors.
Tangany offers blockchain crypto storage solutions for companies in Europe and beyond. 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.
High-Tech-Gründerfonds has invested in Munich startup Tangany, together with angel investors.
Tangany offers blockchain crypto storage solutions for companies in Europe and beyond. 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.
“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,” managing director Martin Kreitmair commented on the investment round.
Due to the open positioning, the technology can be used in all industries, according to Tangany. As a result, Tangany was able to who use a total of over 15,000 blockchain wallet customers in 2019, the company said in a statement. This in turn provided Tangany with the opportunity 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” said Tobias Schulz, senior investment manager at HTGF.
The capital injection is intended to accelerate customer growth, enable further development of the technology and support the application for the German ‘crypto storage license’ with BaFin, which is needed in accordance with the Money Laundering Act in Germany. 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, participated in the Tangany funding round. This gives the startup important know-how in the field of regulation and IT security, said the company.
