Soma, a Helsinki, FInland-based decentralized platform that facilitates trade and social interaction powered by blockchain technology, received a €50k funding from Business Finland.
Soma will receive the sum in a Round One, which lasts for two months. Business Finland will assess the company’s success in meeting predefined goals, among them the onboarding of retail and manufacturing partners for its upcoming pilot program. Pending the Round One, the company is eligible for €500k to €1m in Round Two and €3m to €20m in Round Three.
The company intends to use the funds to accelerate its go-to-market strategy and meet its growth targets for the remainder of 2018 and into 2019.
Led by Jukka Hilmola, co-founder and CEO, 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, its enterprise solution protects against forgeries and allows companies to streamline processes and access data points never before available to them.