The €3.7M Bet That CAPEX Shouldn’t Kill Hardtech Startups

The world’s biggest problems won’t be solved with SaaS or equity alone.

Rebuilding grids, factories, mobility systems, and data infrastructure requires real assets and real balance sheets. Hardware scales on CAPEX, and CAPEX scales on debt.

That is why our portfolio company Tangible has raised a €3.7m round to make sure capital intensity does not block progress. The mission is straightforward. If the future depends on physical systems, then access to structured debt must become faster and more predictable.

The funding round in Tangible was led by Pale blue dot with participation from MMC Ventures, Future Positive Capital, Unruly Capital, SDAC Ventures, PROTOTYPE and aperture.co.

Tangible standardises the data, documentation, and ongoing reporting that institutional lenders require. Combining AI-powered tooling with financial expertise, the platform reduces underwriting time and cost, while enabling founders to manage structured facilities without building in-house finance teams.

The outcome is shorter time to close and stronger economics for both lenders and operators.

As William Godfrey, co-founder and CEO, explains: "As hardtech companies scale at speed, investors need modern infrastructure to deploy capital just as fast. And legacy processes that are reliant on bespoke documentation and manual coordination no longer cut it. This is the exact problem we’re trying to solve with Tangible - we provide the financial infrastructure that makes hardtech easy to diligence for institutional credit to allow companies to raise asset-backed financing faster, and with less friction.”