DLA Piper advises C3 EOS VC on participation in 7 million seed round in Tangany

DLA Piper has advised C3 EOS VC Fund on participation in a EUR7 million seed round in Tangany, a Federal Financial Supervisory Authority (BaFin) regulated white-label platform for custody of crypto assets. The seed round was led by Nauta Capital. Existing investor HTGF also participated in the round. The funding will enable Tangany to add new services to the existing core custody business such as staking and yield farming. The transaction is pending approval from the BaFin.

Tangany’s Crypto Custody 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 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 EUR400 million of digital assets under custody, increasing their revenue 5x by the end of 2021.

C3 EOS VC Fund, managed by C3 Management GmbH, is a partnership between Block.one and FinLab AG, an investor in financial services technologies and blockchain globally. Located in Frankfurt, Germany, C3 Management GmbH is an asset management company focused on managing venture funds which invest in exceptional blockchain technology companies worldwide. The C3 EOS VC Fund concentrates on early and growth stage technology companies, and typically takes a minority equity stake.

The DLA Piper team was led by partner Simon Vogel and also included associate Oliver Schmidt (both Corporate/Private Equity, Munich).