Round2 Capital invests 2.5 million euros in Nect
The Hamburg-based startup Nect, founded in 2017 and known for its digital identity verification processes, has received 2.5 million euros in revenue-based financing from Round2 Capital. The money will be used to further drive market expansion. The Nect Wallet already has 12 million users.
Nect is a pioneer in its field of business
Nect has introduced the first fully automated solution for digital identity verification that requires no human interaction. The company's products - Nect Wallet, Nect Ident and Nect Sign - use artificial intelligence and biometrics to enable secure, user-friendly and EU-compliant procedures. Nect played an important role in projects such as the COVID-19 relief measures. In 2021, the startup's automated ID process was certified as the first AI-based solution to offer the same level of trust as physical identity verification. Nect's products have been successfully introduced in various industries such as banking, insurance, telecommunications and government.
With revenue-based financing, companies receive an upfront payment that is then paid out as a percentage of your future revenue. The flexible repayment structure makes it easier for Nect to scale its operations, further develop product offerings and expand into new markets without having to give up equity. The investor, Round2 Capital, is a pan-European growth investment company with 170 million euros in assets under management and is based in Vienna. It is supported by the European Investment Fund (EIF) to promote technology companies in the European Union.
