We are delighted to announce that Molten Ventures has co-led a €16m Series A funding round for SettleMint, a high performance low-code platform for building blockchain applications.
SettleMint is a low code developer platform that abstracts away complexity to enable the other 99% of developers to build value creating applications rapidly and easily on web3 infrastructure. The company has established itself as the category defining platform for blockchain application development for enterprise and is trusted by leading banks, financial services providers, global retailers, manufacturers and by innovators in the public sector. SettleMint enables developers to scale fast, moving from use case concept to production in weeks rather than months or years.
More than half (58%) of companies believe that their industry will be impacted or disrupted by the underlying technology behind blockchain and want to get ahead on the adoption curve to improve efficiency, remove redundant processes or capture new revenue streams. However only 1% of developers have experience building on blockchain technology. With the acute shortage of capable developers and instead of building specialized blockchain teams or hiring expensive consultants to build for them, SettleMint provides a new option.
Molten is joined in the round by new investors including OTB, with which it co-led the round, Fujitsu Ventures, Allusion and Bloccelerate and existing investor Medici Ventures. The funds will be used primarily to solidify the company’s existing positions in Europe and Asia, fuel the company’s expansion into the Japan in particular. This will include the addition of 60 new team members globally.
Matthew Van Niekerk, Founder & CEO, SettleMint said: “When we launched SettleMint in 2016, we saw the benefits that companies would gain from integrating blockchain applications into their existing systems but also knew that there was no easy way for developers to achieve this. Let’s face it, blockchain application development is hard. As practitioners, we also recognized the repeated and predictable challenges that every blockchain implementation faces and that enterprise grade implementations have very high security, scalability and interoperability requirements.
SettleMint meets these standards and provides tools for the challenges that take away complexity to make blockchain application development easy, enabling companies to get ahead of the curve and quickly capture the benefits. Our latest financing round will enable us to accelerate growth and further support companies in capturing the benefits that blockchain offers for them and for their customers.”
Vinoth Jayakumar, partner at Molten Ventures said: “SettleMint is enabling enterprises to drive real business value from decentralised applications built on blockchain technology.
“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. We’re extremely excited to back SettleMint in building the leading web3 development platform for decentralised applications."