Soma to raise €1.1M from Business Finland and angel investors

Finland Investments 23 April 2019
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Soma, Vantaa, Finland-based blockchain-based software company, announced via a press release the successful closing of a €1.1M ($1.2M) capital investment round.

According to the company the funding was provided by the Finnish Government as well as by undisclosed angel investors and money will be used to perform market research, acquire users, and iterate on its product.

Soma, founded in 2016 by Jacob Andra and Jukka Hilmola, works for the development of a peer to peer social marketplace that is powered by blockchain technology. The company estimates to launch its product during the summer of 2019.

In 2018, Soma announced getting a €50k first round part of a larger financing program - Business Finland would 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.