Soma operates a blockchain-based social marketplace that combines social interactions, e-commerce and the tracking/authentication of items via a digital identity called the Interactive Item Card (IIC). The IIC retains provenance, history, verifications of authenticity and social interactions for each item. The company is initially focusing its marketplace on the high-end watch sector, launching to a limited group in June and to the public in July with more than 50 watch brands in pre-launch. Soma says it will use the funds to perform market research, acquire users and iterate on its product. Leadership cited in the article includes Jukka Hilmola and Jacob Andra, who is responsible for global growth and is based in Salt Lake City, Utah. The company plans to begin a Series A round in early to mid 2020. Soma operates a peer-to-peer marketplace that leverages social capital and a tokenized rewarding system to incentivize cooperative user behavior. The company’s core product is a decentralized platform enabling trade and social interaction, and it also offers an enterprise solution to protect against forgeries, streamline processes, and surface new data points for companies. Led by co-founder and CEO Jukka Hilmola, Soma is preparing an upcoming pilot program and aims to onboard retail and manufacturing partners. Soma received €50k from Business Finland in a Round One disbursement and intends to use the funds to accelerate its go-to-market strategy and meet growth targets through the end of 2018 and into 2019. Business Finland will assess predefined goals during the two-month Round One; upon success Soma is eligible for further funding of €500k–€1m in Round Two and €3m–€20m in Round Three.

Total raised

$1M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2019