Blockchain SOMA startup has attracted funding from the government of Finland

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Blockchain SOMA startup has attracted funding from the government of Finland

There are investments where the amount of investment, and there are projects where an important precedent. The Finnish startup SOMA was able to enlist the support of the state in the amount of €50 thousand.

“If we do not first, then certainly one of the first,” said the company in a blog post. SOMA calls itself a decentralized social trading blockchain service. Obviously, the project behind this wording, did not leave indifferent officials. The Business Agency of Finland, part strucure of the Ministry of economic Affairs and employment, has agreed to Finance the first phase of the pilot program start-up in the amount of €50 thousand.

“Business Finland is not the same organization that gives out big money to anyone who asks” — said SOMA. According to the agreement of the parties, the first round funding provides for the beginning of a pilot program that is planned to be completed within two months.

It is assumed that the SOMA during this time will be able to complete the development of its “social marketplace” and attract partners from among the retailers and goods manufacturers. Proper functioning of the platform in a pilot mode should begin in the first quarter of 2019. Now the android app is SOMA available in preview mode. We are talking about the application that involves p2p-transactions and communication between bidders, and the logistics is supposed to be AI.

In case of successful implementation of the first phase of the SOMA will be able to qualify for the second round of financing that invest up to €1 million, and then on the third, where it would be on the amount in the range of €20 million “Business In Finland studied our business model and saw the potential, says CEO and co-founder of SOMA Yucca Hilmola. — As far as I know, this is the first case where one government allocates money for a business project of a private company”.

Note that the joy of a startup funded is understandable, but grants and various support programs and technology development globally, the phenomenon is not that widespread, but it exists.

Not to go far for examples, recall the grant of the European Union for the project “smart city” in the amount of €20 million received from a consortium of 25 companies and non-profit organizations +CityxChange, which includes the IOTA Foundation.

However, in most cases, governments and authorities invest in projects that are a priority from the point of view of the state or of social importance, and the case of investment in purely commercial project is a really interesting precedent.

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