peaq in a €2.5 million fundraising round backed by Scherzer & Co. AG, Werner Geissler and Meteoric VC.

peaq, a Berlin, Germany-based startup working for the development of a blockchain platform infrastructure, announced that it raised a €2.5 million capital funding round.

The money was raised from investors led by Scherzer & Co. AG and which contributed with 1 million, joined by Werner Geissler (former Vice-Chairman of Procter & Gamble), as well as Meteoric VC.

The funds will be used to scale up peaq’s solutions, as well as build a sales and partnerships team to roll out new and existing solutions at scale.

peaq founded in 2017 by Julia Pönitzsch, Leonard Dorlöchter, Max Thake, Pavel Fomenko and CEO Till Wendler, developed what they call the DAGchain technology, aiming to solve existing blockchain problems by combining blockchain and DAG technology.

The tech enables high performance, with high security and decentralized operation without the need for high energy consumption and meets all industry standards and requirements, such as the possibility to use conventional programming languages and compliance with data protection laws.

The DAGchain technology's business case is in the automotive industry, as the company has ongoing collaborations with partners from the field.

Peaq will use the funds from the financing round to further advance the development of blockchain solutions for corporate customers. The decentralized platform from peaq for electromobility, which uses so-called self-sovereign identities (SSI) to counteract the fragmentation and range fears in electromobility, is to be further developed. The capital will also be used to build a sales and partnership team to roll out new and existing solutions on a larger scale.

The current capital round is part of a larger financing project under the peaq brand - consisting of peaq enterprise and peaq network. peaq enterprise will use the funds to continue to focus on blockchain solutions for businesses, while the newly announced peaq network will be responsible for the public network and a future token.

peaq previously raised €750k from angel investors in 2020 and is a portfolio company of Advanced Blockchain AG, which is listed on the Düsseldorf primary market.