Soma, a Helsinki, Finland-based blockchain-based social marketplace startup, closed a €1.1M bridge funding round.
The round included a substantial investment from the Finnish Government as well as private angel investors.
The company intends to use the funds to perform market research, acquire users, and iterate on its product.
Led by Jukka Hilmola, and Jacob Andra, who is based in Salt Lake City, Utah and responsible for global growth, Soma opens its marketplace initially focusing on the high-end watch sector to a limited group in June, and to the public in July. The platform, which integrates social interactions, ecommerce, and the tracking and authentication of items, launches with more than 50 watch brands in pre-launch.
Users will be able to share, like, buy, sell, comment, and discover products in a single integrated user interface. Additionally, Soma assigns each item a digital identity, known as the “Interactive Item Card” (IIC), which retains all history of the item’s provenance, history, verifications of authenticity, and social interactions on the platform.
The company will begin its Series A round in early to mid 2020.