Startale Labs Nets $3.5M from UOB, Samsung in Seed Extension

Startale Labs, known for prominent Web3 projects such as Startale Web3 Cloud and Astar, has secured an extra $3.5 million in funding from UOB Venture Management, which is a division of the Singaporean financial company UOB.

The report noted that Samsung’s corporate venture capital arm, Samsung Next, also participated in the extended fundraising round.

Startale Labs Raises $3.5M from UOB, Samsung

Startale Labs remarked that the additional funds, along with the $3.5 million investment from Sony Network Communications in June of last year, brought the total seed round funding to $7 million.

In addition, the team plans to deploy the funds to build quality Web3 products and hire good talent. In addition, the business revealed that it has partnered with Sony Network Communications to launch a blockchain project. The Web3-focused company plans to leverage these funds and partnerships to boost its overall growth. 

Reacting to the partnership, Sota Watanabe, chief executive officer of Startale Labs, said, “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.”

Watanabe added: “With the funds raised, we aim to invest in product development and recruitment to create a truly representative Web3 company in Asia and beyond.”

In addition, Paul Ng, the executive director of UOB Venture Management, hailed the successful seed round as a step in the right direction. Ng believed that “onboarding new users to Web3 will be enabled by real-world use cases.” 

He said: “We are excited to support Startale, who have the expertise and experience in building successful Web3 products, to bring billions of users to Web3.”

The Growing Blend of Web3 and Web2 Companies

The partnership reflects the ongoing support and collaboration between Web3 firms and traditional financial companies. Several mainstream companies, such as Meta, Microsoft, and Sony, have all made significant efforts in Web3. 

Interestingly, Samsung Next has invested in prominent Web3 projects such as Zengo, Alchemy, Axie Infinity, The Sandbox, etc.

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