Startale Labs, a Singapore-based Web3 firm, has secured an additional $3.5 million in funding from Samsung Next and United Overseas Bank (UOB) Venture Management.
According to a recent blog post by Startale, the newly acquired funds are set to fuel the expansion of the company’s web3 product lineup, including Japan’s largest web3 products, Astar Network and the Startale Web3 Cloud, and to enhance its efforts in attracting top industry talent.
$7 Million Seed Funding for Web3 Development
This funding was part of an extended seed round, which, along with a previous $3.5 million investment from Sony Network Communications in September 2023, totaled Startale Labs’ seed financing to $7 million.
“Although Startale was established in January 2023, within a year, we have received support from leading Asian enterprises such as Sony, Samsung, and UOB Venture Management, significantly broadening our potential,” said Startale Labs CEO Sota Watanabe.
“With the funds raised, we aim to invest in product development and recruitment to create a truly representative Web3 company of Asia and beyond,” said Watanabe.
The firm has already launched the beta version of the Startale Web3 Cloud, a platform designed to simplify blockchain infrastructure deployment and management for developers.
“We believe that onboarding new users to web3 will be enabled by real-world use cases,” said UOB Venture Management Executive Director Paul Ng. “Startale Labs, with its expertise and experience, is well-positioned to bring Web3 to the masses, especially in Asia.”
Startale Labs’ Joint Venture with Sony
In September 2023, Sony Network Communications and Startale Labs formed a joint venture named “Sony Network Communications Labs Pte. Ltd.,” aimed at developing a blockchain designed to underpin global web3 infrastructure.
The objective of the joint venture was planned for leveraging blockchain advancements to develop compelling web3 use cases that encourage wider adoption of this technology.
Sony Network Communications Labs was backed by an initial capital investment of 1,000,000 SGD. Within this financial structure, Sony Network Communications would hold a 90% stake in the venture, while Startale Labs would contribute the remaining 10%.
Source: cryptonews.com
