Gapless, a start-up from Berlin, Germany and the developer of the first blockchain-based vehicle management system, has raised 5.5 Million Euros from investors, including world-famous car manufacturer, Porsche to allow users to record a complete history of vehicles.
On April 29, Gapless announced that the lead investor is the FinLab EOS VC Fund, a joint venture between FinLab AG and EOSIO blockchain developer Block.one. In addition, Porsche AG and leading insurance entrepreneur Kersten Jodexnis – who is represented by his family office LA ROCA Capital – are also involved in the financing.
The Berlin-based blockchain start-up built around the founding trio CEO Jan Karnath, CFO Malte Häusler and CTO Andreas Joegbes, is reportedly going to assign the raised money to further develop its key product, an application that allows users to record a complete history of vehicles, as well as increase its user base.
“With the FinLab EOS VC Fund, in partnership with Block.One venture arm EOS VC, we have found our partner of choice for the further development of our young company,” – Gapless CEO, Jan Karnath
Porsche has invested in a Berlin-based startup that develops a blockchain app for vehicle management https://t.co/j5h5eTFDfJ — Cointelegraph (@Cointelegraph) April 30, 2020
Gapless is the all-in-one app for your vehicle. It enables users to build a comprehensive vehicle history, and to access third-party vehicle services through the app. According to Gapless, it currently manages over 50,000 vehicles on its platform in Germany, United States of America and United Kingdom. The team intends to invest this newly raised capital funding in the product, the expansion of its blockchain architecture and in user growth.
Role of Porsche
Since the founding, Porsche has been on the side of the Berlin-based blockchain start-up, which today has 20 employees. Gapless has been listed in the Zuffenhausen ecosystem since September 2018 and was part of the Porsche innovation agenda at the Slush Conference in Helsinki and the IAA in Frankfurt am Main. Also, it took part in the current round of the global accelerator program STARTUP AUTOBAHN, powered by Plug and Play.
“Constantly looking into and investing in future technologies and will evaluate case by case if such products or services can be deployed by Porsche to enhance the customer experience. We evaluated and piloted several blockchain-based solutions. Blockchain can be a potential benefit for any trust-based interactions that requires a decentralized approach.”
The leading tech companies and vehicle manufacturers are increasingly developing blockchain-based solutions for tracking the life cycle of automobiles and improving driver experience. By the end of the year, the blockchain experts expect to see up to 100,000 vehicles on the Gapless platform.