Singapore-based Web3 firm Startale Labs has announced an additional $3.5 million in funding from Samsung Next and United Overseas Bank (UOB) Venture Management, aiming to bolster its web3 product lineup and attract top industry talent.
This funding, part of an extended seed round, brings Startale Labs’ total seed financing to $7 million, including a previous $3.5 million investment from Sony Network Communications in September 2023.
Startale Labs CEO Sota Watanabe expressed gratitude for the support from leading Asian enterprises, stating that the funds will be used to invest in product development and recruitment, aiming to establish Startale as a representative Web3 company in Asia and beyond.
The company has already launched the beta version of the Startale Web3 Cloud, simplifying blockchain infrastructure deployment and management for developers.
UOB Venture Management Executive Director Paul Ng emphasized the importance of real-world use cases in onboarding new users to web3, praising Startale Labs’ expertise and experience in bringing web3 technology to the masses, particularly in Asia.
In September 2023, Startale Labs and Sony Network Communications formed a joint venture named “Sony Network Communications Labs Pte. Ltd.,” aimed at developing a blockchain to support global web3 infrastructure. The venture, backed by an initial capital investment of 1,000,000 SGD, aims to leverage blockchain advancements to develop compelling web3 use cases for wider adoption.