SOMA, a decentralized platform that facilitates trade and social interaction powered by blockchain technology, today announced it has received round one funding from Business Finland, the most important public funding agency for research and innovation in Finland. The agency is directed by the Finnish Ministry of Employment and the Economy.
SOMA will receive €50,000 in round one, which lasts for two months. 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.
“We are extremely proud Business Finland has selected SOMA, recognizing the promise and long-term value of our new social marketplace. This validates our next-generation blockchain-based e-commerce model, currently in preview on Android. These funds will help us accelerate our go-to-market strategy and meet our aggressive growth targets for the remainder of 2018 and into 2019.”
SOMA is 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.