SettleMint, a low-code blockchain platform, has secured €16 million ($15.5 million) in Series A funding in order to expand into the Japanese market, joining India, Singapore, and EMEA.
Molten Ventures and OTB Ventures led the investment, according to a press statement issued on Tuesday. In addition, Allusion, Bloccelerate, and the venture arm of the Japanese electronics manufacturer Fujitsu participated. The Belgian company refused to disclose its worth.
The firm raised $2 million in January 2020, when it also stated aspirations for EMEA and APAC development. A corporate spokeswoman said that excellent market circumstances and regulatory clarity in Japan prompted the firm’s development into the country. It will also rely on Fujitsu’s experience to supply market insights.
By providing a low-code solution, the firm enables developers with less blockchain expertise to create web3 apps. Its platform provides developer teams with a collection of ready-to-use tools, frameworks, templates, and APIs.
Vinoth Jayakumar, a partner at Molten Ventures who managed the transaction, said, “SettleMint enables businesses to generate real economic value through decentralised apps based on blockchain technology.” “While there is a significant need for blockchain-based solutions and applications, there is an equal dearth of blockchain specialists. SettleMint addresses this gap by enabling developers to create web3 products while focusing on end-product business use cases rather than on the underlying sophisticated blockchain infrastructure.”
Venture capital firms continue to invest in crypto infrastructure startup companies. Haun Ventures led a $24 million funding round for the web3 development platform Thirdweb in August, while Variant led an $18.6 million funding round for the cross-chain developer platform Hyperlane in September.
According to The Block Research, infrastructure companies raised $1.8 billion over the previous quarter, ranking second only behind NFTs and Gaming.