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MyTaag announces €500,000 funding

MyTaag announces €500,000 funding

“Lions' Den” is currently being screened again and many of the founders hope the show will help them make significant progress. But is the party worth it? For Hamburg-based startup MyTaag, this question can be clearly answered with a clear “yes!” Since reaching an agreement with Carsten Maschmeier, things have been steadily improving, as evidenced by the recently announced financing of up to €500,000.

The funds come from Schoeller Holdings Ltd. Its headquarters are in Limassol (Cyprus). It is primarily active in the shipping and hotel industries. The funding round was completed at the end of 2023. According to MyTaag, the startup's valuation now stands at €3.3 million. €500,000 will be invested in further development of the product in order to make the digital exchange of contact data more efficient. Expanding the team, which currently consists of twelve people, is also on the agenda.

MyTaag has the youngest founders in Leo's history

MyTaag It was founded in 2020 by 16-year-old Davis Zoellner along with Berkay Kankiran. The idea was to replace the classic paper business card with a digital alternative that could be exchanged via smartphone. MyTaag achieved great fame through its appearance on “The Lions’ Den” program in October 2021, which led to a deal with Carsten Maschmeyer for 50 thousand euros in exchange for a 30% stake. Since then, well-known companies, including all BMW branches in Germany and RTL, have converted their business cards to “Tags”. The website also mentions “70,000 customers in over 70 countries.”

Davis Zoellner, founder of MyTaag
Founder Davis Zollner

Founder Davis Zoellner comments on the importance of funding for his startup: “A founder without funding is like a basketball player without a basketball!” So what makes me a good founder/basketball player? Someone with proof of concept and big expansion plans – the investor then provides funding/ballpark. Once the investment for the expansion plans hits the account, I can only say one thing: that's when basketball really starts to get fun!”

Photo: My Tag