Porsche-backed blockchain startup Gapless raises $6M in seed funding

Gapless, a Germany-based blockchain startup has raised $6M from investors in its latest funding round. The round was led by FinLab EOS VC Fund and saw the participation of various industry giants including automobile manufacturer Porsche AG.

Gapless’ seed funding

The firm managed to raise 5.5 million euros (circa 5.9 million dollars) in its seed funding round. The round was led by FinLab EOS VC Fund, a joint venture between Block.one and FinLab. Other investors in the funding round included Automobile manufacturing giant Porsche as well as insurance entrepreneur Kersten Jodexnis.

According to the report, Gapless intends on utilizing the funds in the further development of its key product which is a blockchain-based application. The application allows its users to record a detailed history of vehicles.  The raised funds will also serve to expand the application’s blockchain architecture and increase the user base of the app.

According to the startup, the platform hosts more than 50,000 vehicles across Germany the United States, and the United Kingdom. These 50,000 vehicles have their complete histories recorded on the application that makes it convenient and reduces the time consumed in numerous procedures.

Gapless allows people to manage their vehicles by creating a digital profile of their vehicle including documents, images, and smart calendars on the platform. The application’s userbase includes car owners, collectors, as well as automobile dealers.

Speaking about the seed funding, the CEO of Gapless, Jan Karnath, expressed his eagerness in working with FinLab EOS VC Fund. Karnath also stated that the FinLab EOS VC Fund was the firm’s “partner of choice” in its further development.