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.
We are thrilled to announce that we have closed a $3.5m seed extension round and raised from UOB Venture Management and Samsung Next. Together with a $3.5m seed investment from Sony, we raised $7m at the seed round in total. Let’s go bold.https://t.co/u5zQfgRK2g pic.twitter.com/qrHl4adniL
— Startale Labs (@StartaleHQ) February 22, 2024
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.”
Startale Labs has successfully secured $3.5m in seed funding from @sonynetworkcom
To realize the mission of "Web3 for Billions", Startale will continue its journey to becoming a global leading web3 company. https://t.co/0EcMhz7e0x
— Startale Labs (@StartaleHQ) July 3, 2023
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.
💥 @StartaleHQ is one of the core development companies on Astar Network and is now backed by two industry titans, UOB Venture Management and Samsung NEXT.
Both organizations share Startale's vision of developing itself as the leading web3 company in Asia and continuing product… pic.twitter.com/Wx9y7h35id
— Astar Network (@AstarNetwork) February 21, 2024
Interestingly, Samsung Next has invested in prominent Web3 projects such as Zengo, Alchemy, Axie Infinity, The Sandbox, etc.
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