Web3 developer platform SettleMint raises €16 million as it expands to Japan

Quick Take

  • Low-code blockchain platform SettleMint has raised a €16 million Series A round led by Molten Ventures and OTB Ventures.
  • It seeks to use the funding to solidify its India, Singapore and EMEA operations and establish a base in Japan. 

SettleMint, a low-code blockchain platform, has raised a €16 million ($15.5 million) Series A round as it adds Japanese operations to its India, Singapore and EMEA markets.

The round was co-led by venture firms Molten Ventures and OTB Ventures, according to a release on Tuesday. It also featured participation from Allusion, Bloccelerate and the venture arm of Japanese electronics company Fujitsu. The Belgium-based firm declined to share its valuation. 

The company previously raised in January 2020, when it outlined plans for EMEA and APAC expansion along with raising $2 million. A company spokesperson said that its expansion to Japan was motivated by its favorable market conditions and regulatory clarity. It will also use the expertise of Fujitsu to provide knowledge of this market. 

By offering a low-code solution, the startup allows developers with scant knowledge of blockchain to build web3 applications. Its platform includes a suite of tools, frameworks, templates and APIs that are ready to use for developer teams. 

“SettleMint is enabling enterprises to drive real business value from decentralised applications built on blockchain technology," said Molten Ventures partner Vinoth Jayakumar, who oversaw the deal. "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." 

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Venture capital firms continue to pour money into startups in the crypto infrastructure space. In August, Haun Ventures led a $24 million round into web3 developer platform Thirdweb and last month Variant led an $18.6 million fundraise for cross-chain developer platform Hyperlane. 

According to The Block Research, infrastructure firms raised $1.8 billion last quarter — second only to NFTs and Gaming.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tom is a deals reporter at The Block covering venture capital, fundraises, fintech and M&A. Before joining, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. You can reach him by email at [email protected] or Telegram @tommatsuda.