Yesterday, German blockchain start-up Gapless announced it raised €5.5 million ($5.9 million) in a seed round led by FinLab EOS VC Fund, the joint venture between FinLab and EOSIO blockchain developer Block.one. The start-up is developing a vehicle management platform using blockchain and currently has over 50,000 registered vehicle profiles.
Existing investors Porsche and entrepreneur Kersten Jodexnis were also part of the funding round. Launched in late 2018, Gapless enables users to build a comprehensive vehicle history and access third-party services through a mobile application. The solution is aimed at classic car collectors and luxury vehicle owners and is currently in production in Germany, the U.S., U.K., the Netherlands, Austria, and Switzerland.
The solution essentially digitizes vehicle documents such as ownership, insurance, and warranty. Moreover, the application has logs of nearly all vehicle brands and makes, and monitors product recalls so it can notify users. When registering a car on the app, users need to furnish their Vehicle Identification Number (VIN), a unique 17-digit ID assigned to every car.
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