Biarritz, France-based Capsule Corp Labs, a consulting and utility NFT firm, announced that it has secured €7.3M in a seed round of funding led by expert investors in deeptech and Web3.
Of the total investment, €4.8M was raised in the form of equity from Omnes Capital, REVAM, Digital Finance Group (DFG), and French business angels from the Web3 ecosystem. The remaining €2.4M came from token sales from Ternoa, the parent company of Capsule Corp Labs.
Capsule Corp Labs says the funds will allow it to accelerate its developmental plans by strengthening its R&D and expanding its 30-person team.
Clément Téqui, CEO of Capsule Corp Labs and co-founder of Ternoa, says, “We are delighted to have been able to finalise this fundraising with Omnes, a recognised player in the financing of Deep Tech projects requiring significant investments in R&D. In a difficult market context, we will be able to continue to invest in the development of tomorrow’s Web3 infrastructures with our unique value proposition: creating a bridge between Web2 and Web3 architecture.”
Shifting towards Utility NFTs
Launched in 2022, Capsule Corp Labs is the primary integrator of Ternoa, a layer-1 blockchain infrastructure the company says is open-sourced and decentralised, and provides developers with an independent framework to create utility NFTs.
NFTs have mainly found success as collector’s items, especially in the luxury and art industries. However, Capsule Corp Labs claims it brings about a paradigm shift in how people view NFTs.
The company claims it is at the forefront of NFT solutions by offering a “Business-as-a-Service” model to Web3 start-ups, thereby providing them with human and technological resources, such as developers and product managers, to develop NFTs.
It also enables other companies to integrate the value proposition of Web3, and helps companies of all sizes to develop their business model on the Ternoa blockchain.
Capsule Corp Labs says that it helped three NFT start-ups launch their products in the last six months alone, allowing them each to achieve several hundred thousand euros in revenue.
James Wo, founder and CEO of DFG, says, “The concept of Business as a Service was first generated from Web 2.0, while Capsule Corp Labs innovates this model and upgrades it into a Web3 style enabling all sizes of companies to develop and launch NFTs products more easily. DFG has always had a strong belief in Ternoa since day 1– its unique open source Layer 1 infrastructure nurtures a bold ecosystem to realise utility NFTs. I’m very positive that under the leadership of Mickael Canu and Clément Téqui, Ternoa and its community will be ahead of the game in no time.”
Capsule Corp Labs launched 20 Mint, a blockchain project with the French outlet 20 minutes. It assists Editis, a French leader in the publishing industry, in identifying real use cases of NFTs for its sector.
The company has also designed and developed a solution to transmit digital assets, allowing the storage of private NFT content for the Notaires de France-affiliated technological endowment fund not.IT. And the company has been commissioned by the gift box specialist Wonderbox to initiate a project to transform its customer relationship through NFTs.
Téqui says, “Unlike the current NFT market, which operates very much like the art market– based on scarcity value, we believe that NFTs will increasingly have utility value. NFTs will initially be used in the development of sectors such as video games, music, entertainment, or the metaverse, and then gradually spread to other sectors of activity. Our role is to enable this transition from Web 2.0 to Web3, which can be technologically complex.”
Fabien Collangettes, Investment Director at Omnes Capital, says, “Ternoa is one of the very few French Layer-1 blockchains with a real underlying technological asset. With this investment, the Ternoa team will be able to offer Web3 startups ever richer functionalities and become the European blockchain platform of reference.”
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