Startale Labs raises $3.5 million from UOB, Samsung in extended seed round

Singapore-based web3 firm Startale Labs has secured an additional $3.5 million from UOB Venture Management — a subsidiary of Singaporean bank UOB — and Samsung’s CVC arm Samsung Next, in an extended seed round.

Startale said today in a statement shared with The Block that the newly raised capital brings the total seed round funding to $7 million, including the previous $3.5 million investment from Sony Network Communications in June of last year.

The company said it plans to use the fresh funds to recruit top talent and develop web3 products.

"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,” Sota Watanabe, chief executive officer of Startale Labs, said in the statement. 

Startale Labs said it aims to develop Astar Network, a widely used public blockchain in Japan, and provide web3 infrastructure through the Startale Web3 Cloud. Through a joint venture with Sony Network Communications, the firm has deployed the beta version of the Startale Web3 Cloud, it said.