Decentralized Social Marketplace Receives First Round Funding
SOMA, a blockchain-powered decentralized platform that facilitates trade and social interaction, has announced it has received Round One funding from Business Finland, a 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 on-boarding 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.
Jukka Hilmola, co-founder and CEO at SOMA, remarked: “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.”
The peer-to-peer marketplace utilizes blockchain technology to leverage social capital. The platform incentivizes users to engage in cooperative behaviour 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.
The system is designed to bring a social trading experience to consumers while providing a robust tracking and authentication protocol for business. The platform integrates social media functionality, which allows users to monetize social influence and provide value-added services to one another for just compensation.