The developments in Web3 technology also reflect positively on the crypto money industry. Startups for Web3 are encouraging more individual and institutional players to invest in the cryptocurrency sector. New startups continue their investment rounds despite the bear market and bankruptcies. One of those initiatives was Sortium.
Web3 entertainment technology developer Sortium has raised $7.75 million in a seed investment round. Crypto hedge fund Arca also took part in the investment round. Some details of the investment round are in a filing with the SEC, while Sortium CEO Marc Seal confirmed this information in a statement. Seal did not provide information about other investors.
The notice to the SEC stated that the target for the seed funding round was $14 million. Making a statement on the subject, Seal stated that they received offers to complete 14 million dollars in a short time, but the company chose a different route. The company plans to focus more on strategic partners. Sortium plans to accept another $2 million in its seed funding round. It is not yet known how and when the Series A investment round will take place.