Polish DoxyChain scores €2.2M for its digital contract management system
The Warsaw-based startup DoxyChain has scored €2.2 million in a seed round led by Level2 Ventures to supercharge its growth. The company is building a solution for document management, making it more secure and fit for the Web3 world, EU-Startups reports.
- DoxyChain was founded in 2019 by Gabriel Dymowski and Marcin Lorenc. It develops a digital contract management system with all the actions secured by blockchain. The solution relies on smart contracts, with APIs for major enterprise applications and other blockchains.
- Level2 Ventures led the €2.2 million seed round. It is an Amsterdam-based VC fund established by Adam Rudowski and Piotr Pawłowski. Other investors were CV VC, a Swiss VC fund specializing in blockchain companies, Polish Satus Starter, and a German family group of companies Müller Medien.
The main economic value relies on process automation with smart contracts. Instead of building costly blockchain foundations, software developers will focus on improving processes and user interfaces, leaving entire decentralization and automation to DoxyChain. Level2 Ventures is one of the first investors in the company. We strongly believe in the competencies of the management team and the technology they have created,Adam Rudowski, co-founder of Level2 Ventures fund, comments on the investment.
- In 2021, DoxyChain closed two rounds of pre-seed funding. In August, the startup raised €395,000 in financing which followed the €180,000 round in April. So far, the startup has secured a total of about €3 million in funding.
- The fresh funding will support further product development, team growth, and foreign expansion. The company plans to scale to the European and US markets.