Finnish government, private investors infuse SOMA with seed capital
Funding round of €1.1M closed successfully in April
We’re elated that Business Finland, an arm of the Finnish Government, has again seen fit to fund SOMA!
Previously, we received a “Round 1” funding of €50K, which Business Finland gives as an initial “test” for qualifying startups to prove viability by meeting defined benchmarks.
We surpassed all the goals associated with that round, so they recently approved us for the much larger second round. Together with some funds from private investors, our latest seed round amounts to over a million euros. That’s enough to get us into Spring 2020, when we raise our Series A round. Read the full press release here.
Independent watchmaker Fernando Ronzon is doing some exclusive pieces for SOMA. "SOMA reinvents online interaction for the watch community. More than a social sharing site, more than a marketplace, SOMA is a...
“I’m very proud to be a part of the SOMA project because everything you’ve explained to me is feeling resonant with my own feelings...it’s perfect.” Olivier Mory via his brand, Skill, will produce an exclusive limited edition...
"SOMA is, among other things, a storytelling architecture." SOMA's interactive item card (IIC) captures and stores product history, allowing stories to emerge. Why is this important? Because stories can increase the value...
Watch lovers (brands and buyers and collectors, etc) love to share and show off their watches
They also need a place to buy and sell and discover watches
Existing ecommerce sites lack a ‘show-off’ feature
Existing social platforms lack an easy transaction feature (ecommerce). Those that have it (like FB marketplace) don’t have it well-integrated into the social offering, but rather tacked-on like an afterthought
SOMA has put a lot of design effort into creating a platform beautifully balanced between the social (sharing and showing off) and the transactional (buying and selling)
SOMA uses blockchain to create a permanent digital record of each watch. This record is called the interactive item card, or IIC
SOMA will build ‘proofs’ into the IIC so that watch owners down the chain of ownership can validate that their watch is genuine
Merchants (watch brands) pay nothing to participate
SOMA’s Cohort 1 consists of 100 lucky watch fanatics who will have free run of the markeplace after our launch. They will test the functionality and have access to deals beyond their wildest dreams. Details announced first in the SOMA Facebook group. Be there…or be behind.