Soma secures EUR 50k from Business Finland.
Soma, a Helsinki, Finland-based startup working on a decentralized platform that facilitates trade and social interaction powered by blockchain technology, announced it secured EUR 50k from Business Finland.
The money represents a first round part of a larger financing program - Business Finland will subsequently assess the company's success in meeting predefined goals, among them the onboarding of retail and manufacturing partners for SOMA's upcoming pilot program. Pending a successful Round One, the company is eligible for €500k to €1 million in Round Two and €3 million to €20 million in Round Three.
Soma, led by CEO Jukka Hilmola, developed a peer-to-peer marketplace that utilizes blockchain technology to leverage social capital. The platform incentivizes users to engage in cooperative behavior using the platform's tokenized rewarding system. Additionally, SOMA's enterprise solution protects against forgeries and helps companies streamline processes and access data points never before available to them.