Binder Grösswang Advised Coinpanion (SmartBytes GmbH) on a Financing Round
The Austrian cryptocurrency service provider SmartBytes GmbH, which offers digital cryptocurrency management under the name Coinpanion, has concluded a six-figure pre-seed financing round.
The investor was sweet.fund GmbH & Co KG, the shareholders of which are some of the founders of mySugr, a company that was sold to the Swiss pharma group Roche in 2017 in one of the largest Austrian exits of recent years.
The signing took place on 24 July 2020 at the Binder Grösswang premises in Vienna. The capital increase took effect upon being entered in the commercial register on 13 August 2020.
The core Binder Grösswang team comprised the corporate/M&A experts Christian Zwick (partner), Hermann Beurle (associate) and Mona Holzgruber (senior associate).
Comments on the Transaction
“We plan to use a good part of the investment to increase our staff and thus support our growth course. Our vision is to make the highly complex crypto market accessible to a broad public and thereby open up a new range of opportunities for investors who until now had not considered including cryptocurrencies in their portfolios,” said Alexander Valtingojer, co-founder and CEO of Coinpanion.
“The major strength of Coinpanion is its extremely strong team of founders. In times of increasingly inflated asset prices, I see great potential in the cryptocurrency field. Many crypto investors lack the know-how to diversify their crypto investments beyond Bitcoin. Coinpanion creates this diversification with an intuitive user interface and in compliance with the regulatory requirements of the EU and Austria,” explained Frank Westermann, the founding CEO of mySugr.
About Smartbytes GmbH
SmartBytes GmbH is an up-and coming fintech start-up that offers services in the field of cryptocurrencies under the name of Coinpanion. The Coinpanion team has set itself the goal of making investment in cryptocurrencies accessible to a broad public. By means of the Coinpanion platform, customers without prior knowledge can set up a diversified portfolio of cryptocurrencies, which is automatically managed with the help of a Coinpanion algorithm.