Startale Labs Secures Funding for Web3 Expansion

FinanceFeeds Editorial Team

Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

Startale Labs

The new funding will fuel the development of Web3 products and global talent acquisition, aiming to position Startale as Asia’s premier Web3 entity. This strategic move includes a joint venture with Sony Network Communications for blockchain development and the beta launch of Startale Web3 Cloud, simplifying blockchain infrastructure management for developers.

UOB Venture Management, a subsidiary of UOB, provides equity financing in Southeast Asia and Greater China, leveraging deep regional market insights. Samsung NEXT Ventures, part of Samsung’s innovation arm, focuses on cutting-edge technologies including AI, fintech, and blockchain, aiming to shape the future of tech.

This initiative marks a significant step for Startale Labs towards becoming a key player in the global Web3 infrastructure, supported by partnerships with major corporations like Sony, UOB, and Samsung.

Sota Watanabe, CEO of Startale Labs commented: “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.”

“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”, said Lead Investor Paul Ng, Executive Director of UOB Venture Management.

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