Tangany: Seed financing for Munich blockchain custody startup
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.
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.
Martin Kreitmair, Managing Director Tangany
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.
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.
About Tangany GmbH
Tangany GmbH offers a reliable custody solution for digital assets on blockchain. The founding team, consisting of the successful intrapreneurs Martin Kreitmair, Christopher Zapf and Alexey Utin, was supported in 2018 by the EXIST grant in the field of deep-tech. This ultimately resulted in the establishment of Tangany GmbH in January 2019 with the launch of the custody solution. The company addresses customers across the EU and beyond who want to work with blockchain.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge almost 600 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital business models, industrial technology, life sciences, chemistry and related business areas. To date, external investors have injected over EUR 2.4 billion into the HTGF portfolio via more than 1,500 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies.
Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, KfW Capital, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, FOND OF, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.