Startale Labs Raises Additional $3.5m from UOB Venture Management and Samsung Next at the Seed Extention Round to Fuel the Expansion of Its Web3 Product Suite.
Singapore, February 22, 2024 - Aiming to accelerate the mass adoption of Web3, the developer of Japan's largest Web3 products, Astar Network and the Startale Web3 Cloud, Startale Labs (Singapore, CEO Sota Watanabe, hereinafter referred to as Startale), has secured a total of $3.5m in funding from UOB Venture Management, a wholly-owned subsidiary of one of Singapore's top three banks, UOB and Samsung Next, the CVC arm of Samsung. This round is an additional seed round, bringing the total seed round funding to $7m, combined with a $3.5m investment from Sony Network Communications in September 2023.
The funds raised in this round will be used for the development of Web3 products and the recruitment of top talent worldwide. Startale strategically raises funds from leading companies in Asia, with the goal of becoming the leading Web3 company in Asia and continuing its business development efforts.
In addition, Startale has made a joint venture with Sony Network Communications to develop a blockchain together and has made progress. The beta version of Startale Web3 Cloud has also been deployed - a service that allows developers to deploy and manage blockchain infrastructure easily. The company plans to accelerate the development progress with the additional funds.
Comments from Sota Watanabe, CEO of Startale Labs:
"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. With the funds raised, we aim to invest in product development and recruitment to create a truly representative Web3 company of Asia and beyond."
Lead Investor Paul Ng, Executive Director of UOB Venture Management:
“We believe that onboarding new users to Web3 will be enabled by real-world use cases. Startale Labs, with its expertise and experience, is well-positioned to bring Web3 to the masses, especially in Asia. We are excited to support Startale, who have the expertise and experience in building successful Web3 products, to bring billions of users to Web3.”
About Startale Labs:
Web3 for Billions - Building Web3 for Billions of Users
Startale Labs is dedicated to accelerating the mass adoption of Web3, developing Japan's largest public blockchain, Astar Network, and providing Web3 infrastructure through the Startale Web3 Cloud. In 2023, Startale announced a capital alliance and joint venture with Sony Network Communications, unveiling the development of a blockchain that will serve as a core global infrastructure.
Company Name: Startale Labs Pte Ltd
Location: 105 CECIL STREET #24-02 THE OCTAGON SINGAPORE
Representative: CEO Sota Watanabe
Corporate Website: https://startale.org/en
Twitter Account: https://twitter.com/StartaleHQ
Contact: info@startale.org
About Samsung Next
Samsung NEXT Ventures is an investment arm of Samsung NEXT, a multifaceted innovation group within Samsung Electronics dedicated to identifying new growth opportunities that will define the next decade. The firm prefers to invest in artificial intelligence, fintech, blockchain, health technology, infrastructure, and media technology sectors.
