The Luxembourg VC signed-off on its first investment deal with a US startup operating Bitcoin depository solutions.
Tioga Capital, a Luxembourgish venture capital firm investing in blockchain technology has recently signed-off on its first deal with Casa, a US provider of Bitcoin depository solutions.
The operation was part of a round table of a €3.34 million-seed funding which included investors such as Coinbase Ventures, Cadenza Ventures, and Champion Hill Ventures.
Casa had previously raised €6.5 million funded by Fidelity Investments. With the new funds, the startup plans to hire additional staff and enhance its security products.
The startup fee and paid solutions include Casa wallet, a self-custody platform securing precious cryptocurrencies, and Casa Covenant, an inheritance product that enables Bitcoin transmission via the sharing of decryption keys.
Founded in 2016, it recently partnered with the Human Rights Foundation to help activists secure their Bitcoin holdings.
Sovereign Funds on board
Tioga Capital was created by serial entrepreneur Patrick Van de Mosselaer, private equity professional Nicolas Priem, tech/crypto investor Michiel Lescrauwaet, and the tax and fund lawyer Olivier Lefebvre.
The VC has recently announced the onboarding of Société Régionale d’Investissement en Wallonie, (SRIW) as an investor in its Luxembourg-regulated fund.
SRIW is a sovereign wealth fund that manages assets worth about $4 billion.
With the commitment of new investors on the blockchain fund segment, such as sovereign wealth funds, Tioga’s founders see an opportunity for European blockchain startups to raise new funding.
The vehicle is also backed by Belgian family offices (including Van Hool or Vlerick) and tech entrepreneurs (including Jurgen Ingels).
The company says it is planning a second broader close in 2021.