SOMA lands government funding, eyes Series A round

"These funds will empower us to continue our strong growth trajectory. We are in a very good position going forward"

Helsinki-based blockchain-powered social marketplace SOMA has closed a €1.1 billon bridge funding round, which includes the Finnish Government and private angel investors.

“These funds will empower us to continue our strong growth trajectory,” says Jukka Hilmola, one of SOMA’s co-founders. “We are in a very good position going forward.”

The venture will open its marketplace to a limited group in June, and to the public in July. It will use its bridge funds for the likes of performing market research and acquiring users. Initially focusing on the high-end watch sector, SOMA has thus far signed up more than 50 brands.

The venture plans to begin a Series A round in early to mid 2020.

The good, the bad and the ugly

Blockchain is messy, chaotic, and full of the good, bad and everything in between, Jacob Andra, Chief Marketing Officer, SOMA, told Coin Rivet last year.

“There’s no doubt that distributed ledger technology has the potential to revolutionise the way human beings transact. I’d say that’s pretty substantial. But there’s hype aplenty, as well,” he added.

As for cryptocurrencies, “everybody’s so obsessed with the ‘bubble’ metaphor. Ocean tide is a better one; it waxes and wanes. We’ve had this cycle over and over. Right now, the tide is definitely out.”

“It’ll come in again. And each time, the sector is further along from lessons learned, more advanced infrastructure, and greater mainstream recognition. The lean times keep the genetic pool healthy (if I may horribly mix my metaphors),” Andra argued.

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