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Startale Labs raises $3.5m from UOB Venture Management and Samsung Next to boost Web3 adoption in Asia

Startale Labs, the developer of Japan’s largest Web3 products, Astar Network and the Startale Web3 Cloud, has secured a total of $3.5m in funding from UOB Venture Management, a wholly-owned subsidiary of one of Singapore’s top three banks, UOB and Samsung Next, the CVC arm of Samsung. This round is an additional seed round, bringing the total seed round funding to $7m, combined with a $3.5m investment from Sony Network Communications in September 2023.

The funds raised in this round will be used for the development of Web3 products and the recruitment of top talent worldwide. Startale strategically raises funds from leading companies in Asia, with the goal of becoming the leading Web3 company in Asia and continuing its business development efforts.

Web3, also known as the decentralized web, is a vision of the internet where users have more control over their data, identity, and digital assets, and where applications are built on peer-to-peer networks and blockchain technology. Web3 is expected to enable new possibilities for innovation, collaboration, and social impact across various sectors and regions.

Startale Labs is dedicated to accelerating the mass adoption of Web3, developing Japan’s largest public blockchain, Astar Network, and providing Web3 infrastructure through the Startale Web3 Cloud. Astar Network is a scalable, interoperable, and secure platform that supports various types of decentralized applications, such as DeFi, NFT, gaming, and social media. The Startale Web3 Cloud is a service that allows developers to deploy and manage blockchain infrastructure easily, without having to worry about the technical complexities and costs.

In addition, Startale has made a joint venture with Sony Network Communications to develop a blockchain together and has made progress. The beta version of Startale Web3 Cloud has also been deployed. The company plans to accelerate the development progress with the additional funds.

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

Paul Ng, Executive Director of UOB Venture Management, the lead investor of this round, said: “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.”

Samsung Next, the CVC arm of Samsung, also participated in this round, as part of its strategy to invest in emerging technologies and startups that have the potential to transform the world. Samsung Next has previously invested in several Web3 projects, such as Dapper Labs, the creator of CryptoKitties and NBA Top Shot, and Axie Infinity, a popular blockchain-based game.

Startale Labs is one of the leading Web3 companies in Asia, with a vision of building Web3 for billions of users. With the support of its strategic partners and investors, Startale aims to continue to innovate and deliver high-quality Web3 products and services to the global market.

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