Belgium-headquartered SettleMint said the funding will be used to strengthen its position in current markets, expand into Japan and recruit 60 new team members globally.
MoltenVentures has led a €16 million Series A round in low-code blockchain platform SettleMint.
SettleMint said it has created a high-performance developer platform to allow developers to build applications quickly and easily on Web3 infrastructure.
The company, which was founded in 2016, said its platform is used for the development of enterprise blockchain applications, with customers such as banks, financial services providers, global retailers, manufacturers and public sector innovators.
SettleMint co-founder and CEO Matthew Van Niekerk said his team saw the benefits for companies integrating blockchain applications into existing systems, but “knew there was no easy way for developers to achieve this”.
“Let’s face it, blockchain application development is hard.” Van Niekerk said. “As practitioners, we also recognized the recurring and predictable challenges that every blockchain implementation faces, and that enterprise-class implementations have very high security, scalability and interoperability requirements.
“SettleMint meets these standards and provides tools for the challenges that take away the complexity to make blockchain application development simple,” said Van Niekerk.
The Series A round was led by Molten Ventures, one of Europe’s best-known technology-focused firms, which changed its name from Draper Esprit last November. Based in Dublin and London, Molten Ventures has backed European unicorns such as Revolut and Aircall.
Molten was joined in the round by new investors such as OTB, which led the round, Fujitsu Ventures, Allusion, Bloccelerate and existing investor Medici Ventures.
SettleMint said the funding will be used to strengthen its position in current markets, drive international expansion and drive the expansion of its partner program. The company is specifically targeting Japan for expansion and plans to add 60 new team members globally.
Molten Ventures partner Vinoth Jayakumar said there is a huge demand to implement blockchain applications, but there is “a corresponding lack of blockchain expertise”.
“SettleMint bridges this gap by allowing developers to build web3 products and focus on the end product business use, not on underlying complex blockchain infrastructure,” said Jayakumar.
“We are extremely excited to support SettleMint in building the leading web3 development platform for decentralized applications.”
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