Fintech startup Tangible has recently announced that it has successfully raised $4.3 million in seed funding from Pale Blue Dot, a leading venture capital firm. This funding will be used to expand Tangible’s platform and help hardtech companies access structured debt finance, reducing their reliance on dilutive equity.
The startup, founded in 2020, aims to bridge the gap between traditional financing and the fast-growing hardtech industry. Hardtech companies, which focus on physical products and infrastructure rather than software, often face challenges when it comes to securing funding. They require significant capital to develop and scale their products, but traditional lenders and investors are often hesitant to provide financing due to the high-risk nature of these ventures.
Tangible’s platform offers a solution to this problem by providing hardtech companies with access to structured debt finance. This type of financing allows companies to borrow money against their assets, such as equipment and inventory, while also providing flexibility in repayment terms. This means that hardtech companies can access the capital they need without diluting their ownership or giving up equity.
The funding round was led by Pale Blue Dot, a venture capital firm that focuses on investing in companies with a positive impact on society and the environment. In a statement, Pale Blue Dot’s co-founder and managing partner, Andrew Mack, expressed his excitement about the partnership with Tangible. He said, “Tangible’s innovative approach to financing aligns perfectly with our mission to support companies that are creating a positive impact. We see great potential in Tangible’s platform and believe it will play a crucial role in the growth of the hardtech industry.”
Tangible’s co-founder and CEO, Sarah Jones, also shared her enthusiasm for this milestone. She stated, “We are thrilled to have Pale Blue Dot as our lead investor and partner in this journey. This funding will enable us to further develop our platform and expand our reach to help more hardtech companies access the financing they need to grow and succeed.”
The need for alternative financing options for hardtech companies has become increasingly evident in recent years. As the demand for sustainable and innovative products and infrastructure continues to rise, so does the need for financing to support these ventures. Tangible’s platform not only addresses this need but also has the potential to drive significant growth and innovation in the hardtech industry.
The success of Tangible’s seed funding round is a testament to the value and potential of their platform. It also highlights the growing interest and support for hardtech companies and their impact on society and the environment. With this new injection of capital, Tangible is well-positioned to make a significant impact in the hardtech industry and pave the way for more sustainable and innovative solutions.
In conclusion, Tangible’s $4.3 million seed funding round is a major milestone for the company and the hardtech industry as a whole. With the support of Pale Blue Dot and other investors, Tangible’s platform has the potential to revolutionize the way hardtech companies access financing and drive positive change in the world. We look forward to seeing the impact Tangible will make in the coming years and the growth of the hardtech industry with their help.
