SettleMint Raises €16 Million To Strengthen Europe And Asia Pacific Operations

SettleMint, a low-code blockchain platform, has secured a €16 million ($15.5 million) Series A financing to expand into the Japanese market in addition to India, Singapore, and EMEA.

According to a press statement issued on Tuesday, the round was co-led by venture companies Molten Ventures and OTB Ventures. It also included Allusion, Bloccelerate, and the investment arm of Japanese electronics firm Fujitsu.

The firm previously raised $2 million in January 2020, when it announced intentions for EMEA and APAC development. According to a corporate representative, the company’s entry into Japan was driven by the country’s good market circumstances and regulatory clarity. It will also rely on Fujitsu’s experience to supply market insights.

The startup’s low-code approach enables developers with little expertise in blockchain to create Web3 apps. Its platform delivers a ready-to-use set of tools, frameworks, templates, and APIs for developer teams.

Molten Ventures partner Vinoth Jayakumar, who oversaw the deal said:

“SettleMint is enabling enterprises to drive real business value from decentralised applications built on blockchain technology. While there is massive demand to implement blockchain solutions and applications, there is an equivalent shortage of blockchain expertise.

SettleMint bridges that gap by allowing developers to build Web3 products and focus on end-product business use cases, not on underlying complex blockchain infrastructure.”

SettleMint intends to use the new funds to expand its footprint in Europe, the Middle East, and the Asia Pacific, as well as to test the waters in the United States. The team now has roughly 55 members and is hoping to add another 60.

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