Donut, a cryptocurrency investment and savings app, has announced it has raised €1.6 million in seed funding. The German startup revealed the round was led by early-stage venture capital firm Redalpine.
A number of other investors also participated in the round, including tech venture funds EarlyBlock and Entrepreneur First; AngelList’s Philipp Moehring and Andy Chung; N26 bank board member Marcus Mosen and others.
Donut is on a mission to make investing in digital assets “effortless” by bringing accessibility, education and trust to managing and transacting in crypto assets. The app is currently in closed beta and is scheduled to launch in the summer of 2019, with over 5,000 people currently on a waiting list.
Neel Popat, co-founder and CEO of Donut, says:
“We believe most people will have the majority of their wealth stored in digital assets within the next decade. That could be anything from cryptocurrencies to fractional ownership of art or owning a piece of unique land in virtual reality. Our mission is to empower everyone to become an investor in that future.”
Harald Nieder, Donut board member and partner at Redalpine, added:
“We share the vision of the Donut team about the prevalence of digital assets in the future. Digital assets have many beneficial features over traditional assets, yet lack a single access point for holders to conveniently store, manage and transact. With Donut, we are supporting a great team to build that missing layer in the crypto ecosystem.”
With the new funding, Donut said it plans to grow its engineering and design teams, as well as further develop its product and strengthen partnerships.