April 30, 2019

SOMA secures over EUR 1 million funding

SOMA is launching a social marketplace that combines traditional e-commerce with social media.
SOMA is launching a social marketplace that combines traditional e-commerce with social media.
DWISS

Finnish blockchain-based software startup SOMA has closed a 1.1 million-euro bridge funding round.

The round was led by a substantial investment from public company Business Finland, with participation also from private angel investors.

“These funds will empower SOMA to continue [on] our strong growth trajectory,” said Jukka Hilmola, one of SOMA’s founders. “SOMA is in a very good position going forward.”

The Helsinki-based startup has created a social marketplace that integrates e-commerce, social interactions, and the tracking and authentication of items.

SOMA will initially focus on the high-end watch sector and has signed more than 50 watch brands for its social marketplace to be launched to a limited group in June and to the public in July.

“Our watchmaking partners have been willing to work with us to make this a success,” said co-founder Jacob Andra, who is based in Salt Lake City, Utah, and responsible for global growth. “They see the SOMA vision and want it to succeed.”

SOMA plans to open its series A funding round in 2020.

 

Good News from Finland is published by Finnfacts, which is part of Business Finland.

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