Startale Labs Raises $3.5 Million in Extended Seed Round from UOB and Samsung
The primary objective of this funding is to further develop Startale's suite of Web3 products and to bolster talent acquisition efforts globally.
Singapore-based web3 company Startale Labs, the company behind Japan's largest Web3 products, including Astar Network and the Startale Web3 Cloud, announced today the successful closure of an additional $3.5 million seed extension round. The funding was led by UOB Venture Management, a subsidiary of Singaporean banking giant UOB, and Samsung Next, the corporate venture capital arm of Samsung. This round brings Startale's total seed funding to $7 million, following a previous $3.5 million investment from Sony Network Communications in September 2023.
The newly raised capital will be allocated towards recruiting top talent and further developing web3 products, according to a statement shared by Startale Labs. CEO Sota Watanabe expressed gratitude for the support received from leading Asian enterprises, highlighting the significant expansion of the company's potential within a year of its establishment.
Startale Labs aims to enhance its offerings, including the development of Astar Network, a prominent public blockchain platform in Japan, and the provision of web3 infrastructure through the Startale Web3 Cloud. Through its joint venture with Sony Network Communications, Startale has already deployed the beta version of the Startale Web3 Cloud.
The additional funding underscores Startale Labs' commitment to advancing the adoption of web3 technologies and strengthening its position in the Asian market. With support from key industry players and strategic investments, Startale Labs is poised to drive innovation and growth in the evolving web3 ecosystem.
