Startale Labs Secures $3.5 Million in Extended Seed Funding from Samsung and UOB
Singapore-based Web3 firm, Startale Labs, has announced that it has secured an additional $3.5 million in funding from Samsung Next and United Overseas Bank (UOB) Venture Management. This funding is part of an extended seed round, bringing the total seed financing for Startale Labs to $7 million.
The funds will be used to fuel the expansion of the company’s web3 product lineup, including Japan’s largest web3 products, Astar Network and the Startale Web3 Cloud. Additionally, Startale Labs plans to use the funding to enhance its efforts in attracting top industry talent.
Joint Venture with Sony
In September 2023, Startale Labs formed a joint venture with Sony Network Communications named “Sony Network Communications Labs Pte. Ltd.” The objective of this joint venture is to develop a blockchain designed to underpin global web3 infrastructure and encourage wider adoption of this technology.
Sony Network Communications Labs received an initial capital investment of 1,000,000 SGD, with Sony Network Communications holding a 90% stake and Startale Labs contributing the remaining 10%.
Hot Take: Startale Labs’ Continued Growth in Web3 Development
Startale Labs’ recent funding from Samsung Next and UOB demonstrates the growing interest and support for web3 development in Asia. By securing an additional $3.5 million in funding, Startale Labs is well-positioned to expand its product lineup and attract top industry talent.
The joint venture with Sony Network Communications further solidifies Startale Labs’ commitment to advancing blockchain technology and driving adoption of web3 infrastructure globally. With their expertise and experience, Startale Labs is poised to bring web3 to the masses, particularly in Asia.
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