UOB, Samsung Back Singapore’s Startale Labs in $7 Million Web3 Push

Startale Labs, the developer behind Japan’s leading Web3 products like Astar Network and Startale Web3 Cloud, has secured an additional $3.5 million in funding. This brings their total seed funding to $7 million, following a previous investment from Sony Network Communications in September 2023.

The latest round saw participation from UOB Venture Management, a subsidiary of Singapore’s top bank UOB, and Samsung Next, the investment arm of Samsung. This strategic investment from leading Asian companies positions Startale to become a key player in the region’s Web3 domain.

Startale aims to utilize the fresh capital to accelerate the development of its Web3 products and attract top talent from around the globe. Their vision is to become the leading Web3 company in Asia, leveraging the support of prominent Asian corporations.

It is worth noting that the company has already made significant strides, collaborating with Sony Network Communications on a joint blockchain venture and launching the beta version of Startale Web3 Cloud, a developer-friendly platform for deploying and managing blockchain infrastructure.

Sota Watanabe, CEO of Startale Labs, expressed his enthusiasm, stating, “Within a year, Startale has garnered support from leading Asian companies like Sony, Samsung, and UOB Venture Management, significantly expanding our potential. The raised funds will be directed towards product development and talent acquisition, allowing us to establish ourselves as a prominent Web3 force in Asia and beyond.”

Lead investor Paul Ng, Executive Director of UOB Venture Management, shared his belief in Startale’s potential, stating, “We believe real-world applications are key to onboarding new users to Web3. Startale Labs, with their expertise and experience, is well-positioned to make Web3 accessible to the masses, particularly in Asia. We are excited to support them in bringing billions of users into the Web3 space.”

This successful funding round signals the increasing adoption of Web3 and growing trust within the Asian Web3 community.

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