SettleMint, a Belgium-based blockchain platform-as-a-service company, has raised €1.9 million from KPN Ventures, a strategic investor and now commercial partner of the blockchain startup. US-based investor Medici Ventures also participated in the round.
With its scalable low-code, infrastructure-agnostic solution, SettleMint is filling a gap for enterprise organisations that want to adopt and deploy blockchain.
“SettleMint’s middleware solution helps advance blockchain technology by allowing enterprise developers to quickly create and deploy blockchain-based applications,” explained Joel Weight, COO of Medici Ventures.
The Belgian company’s solution is highly accessible to every developer and eliminates the risk of vendor lock, saving time and allowing flexibility as organisation’s scale.
“When you recognise the benefits of this technology for the economy and for society, you have a moral obligation to make it easy for developers to use, to accelerate adoption,” said Matthew Van Niekerk, co-founder and CEO of SettleMint. “As with other cutting edge technologies, getting to the inflection point of adoption requires a product that abstracts away complexity, tools that developers love to use, and a solution that decision makers trust.”
So far SettleMint’s platform is doing all of the above across more than 30 use cases in the public and private sectors, several of which have exited the lab. KPN Ventures is not only investing in the software but collaborating with the startup in its distribution.
Sjoerd Spanjer, Investment Director KPN Ventures: “We have nearly completed the integration of SettleMint APIs (CertiMint) in the KPN API Store, our first blockchain proposition that will make blockchain functionalities accessible to developers using our marketplace. We are currently evaluating several other areas of potential commercial cooperation between SettleMint and KPN.”
The latest round brings the Belgian company’s total funding to €5.5 million, and it will fuel the Settlemint’s international expansion and commercialisation in Europe, MEA, and APAC.