Hamburg-based Impossible Cloud raises EUR 7 million
The Hamburg-based Impossible Cloud start-up has raised USD 7.6 million (EUR 7 million) in its latest seed financing round, led by HV Capital and 1kx, and now hopes to launch on the market in just weeks. The start-up's cloud-based technology is based on the next-generation "Web3" and a decentralised storage structure. Unlike other Web3 applications, the start-up does without crypto elements such as tokens or wallets. The founders are now offering their clients a more efficient storage alternative.
Experienced founders banking on Web3 technology
The experience of the three founders had likely motivated investors. Kai Wawrzinek, CEO of Impossible Cloud, previously founded Goodgame Studios and generated USD 1 billion in revenue in 2017 while Christian Kaul, COO, had also worked at Goodgame Studios and at Airbnb. Daniel Baker, CTO came on board after a stint a leading global data archiving company. Impossible Cloud is innovative as it is the first storage solution based on Web3 technology, the founders said.
Impossible Cloud hiring and growing business
Impossible Cloud's solution comes at just the right time. "The decentralised Web3 approach is really new. Products are lacking for companies in the Web3 world," said Wawrzinek. The decentralised storage structure allegedly makes the cloud faster, cheaper and more secure than Web2 clouds. The first Impossible Cloud storage product for companies should be available soon. The start-up will now put the fresh capital towards growing the business and expanding the 20-strong team. The start-up also hopes to set up a permanent base in the United States from where it will launch on the market.