In early July 2024, we announced the launch of our non-custodial Onchain Gateway wallet (OG Wallet). And now, we are happy to announce that we have successfully closed our seed round, securing CHF 5 million from three prominent German investors: serial entrepreneur Jochen Roeser, founder of Adesso Prof. Dr. Volker Gruhn and professional football player Ilkay Gündogan as well as continuous support from our initial investors: Thomas Staubli and Patrick Lütjens. This milestone marks a significant step in our company's journey, demonstrating strong support from current investors and setting the stage for our future growth and innovation.
Our vision at OnchainLabs remains to seamlessly connect products with the digital world enabling continuous interactions between the customer, brand and product. To achieve this, we develop a scalable Web3 Software-as-a-Service solution that makes Web3 more accessible for brands and businesses, integrate it into existing systems, and enhance user engagement through innovative blockchain-oriented solutions. Our recently announced OG wallet is different from other solutions designed for blockchain newcomers, making digital asset management straightforward and also includes pay-in and -out features with traditional payment methods. A first implementation was recently completed with CrowdTransfer, a Swiss company that offers football fans the opportunity to actively participate in the financing and design of their favorite clubs and their transfers.
The investment, led by German serial entrepreneur Jochen Roeser and his investment firm MediaGate, brings not only financial backing but also strategic advantages. Jochen, who has extensive connections in various German business sectors, also brings along MediaGate's existing shareholders, Prof. Dr. Volker Gruhn, founder of Adesso, a big IT house from Germany, and Ilkay Gündogan, captain of the German Football National Team and professional football player at FC Barcelona. As OnchainLabs, we will acquire all of MediaGate's assets and staff, including a major NFT collection from Sorare.com, that will continue to be managed by Richard Roeser. The collection is worth seven figures and generates regular returns through Sorare's play-to-earn program. Furthermore, Tobias Schneider, a serial entrepreneur and former Olympic athlete, will join us as part of the Founding Team and fill the role of Chief Operating Officer. His experience and expertise will significantly enhance our business development efforts as we position our company for substantial growth.
Our Co-Founders, Naemi Hügli, Tobias Schneider and Florian Ehrbar, expressed pride in the investor's strong vote of confidence and emphasized the team's commitment to becoming a significant player in the blockchain industry. "We are incredibly excited about this new chapter for OnchainLabs. The strategic merger with MediaGate and the support from our investors position us perfectly to lead the way in Web3 innovation”, says Florian, our CEO OnchainLabs.
With the strong support from the current round of investors that made the seed round successful, our focus will now be on growing the team and enhancing product delivery. We will also move to the crypto valley in Zug to be at the heart of the blockchain hub in Switzerland. As OnchainLabs we remain dedicated to making Web3 more accessible for brands and businesses with the vision to completely redefine user engagement and retention.
