Tangany, a Munich-based white-label platform for custody of crypto assets, announced that it has secured €7M in the Seed round led by Nauta Capital. Existing investor HTGF and new investor C3 VC Fund also participated in the round.
The company says the funding will enable it to add new services like staking and yield farming, grow its headcount to more than 50 employees by 2022, and streamline its business through one unified API.
Martin Kreitmair, CEO of Tangany, says “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.”
Tangany: What you need to know
Founded by Alexey Utin, Christopher Zapf, Hans Nickel, and Martin Kreitmair in 2019, Tangany provides a custody Wallet as a Service (WaaS) for businesses to easily integrate blockchain technology into legacy and new systems via an API.
The company is on a mission to advance crypto adoption and enable organisations to expand their catalogue of financial products whilst making the transition for their customers seamless.
The German company’s WaaS 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 with the easiest way to adopt blockchain.
“The institution is regulated in accordance with Section 1 (1a) sentence 2 no. 6 KWG as a qualified crypto custodian,” writes the company in a press release.
The fintech company has witnessed massive growth over the last year, onboarding over 25 new clients, including Tezos Foundation, Quirin Privatbank, and Exporo.
This growth reflects now more than €400M of digital assets under custody, increasing their revenue 5x by the end of 2021.
Nauta Capital is a Pan-European Venture Capital firm investing in early-stage technology companies. As a sector-agnostic investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise tech transforming large industries as well as those leveraging deep-tech applications to solve challenges faced by large enterprises.
Markus Düttmann, Principal at Nauta Capital, says, “Although the crypto industry has received a lot of attention recently, it has yet to cross the chasm from early adopters to mass market. This is largely due to the underlying technical complexities which Tangany and other custodians will play an instrumental role in abstracting away, thereby providing access to the next wave of crypto users. We are particularly excited about Tangany’s embedded approach, which allows anyone to seamlessly integrate cryptocurrencies into their offering”.
Stefan Schuetze, Managing Partner of C3 VC Fund, says, “As a new investor in Tangany, we are looking forward to actively supporting the next level of Tangany’s success story. Tangany is very well positioned for the next stage of evolution. Legacy banks have not yet developed adequate crypto custody solutions internally and therefore rely on Tangany as a leading custody provider. By obtaining the license early, Tangany has a big head start on the competition in Europe and beyond.”
Tobias Schulz, Principal at HTGF, adds, “As the lead Investor of the first round, we are proud of what the team has achieved so far and welcome the new investors on board. We believe that the technology of Tangany will play a crucial role in the coming era of new money.”