Tribe Accelerator Raises $15.7 Million in Capital for Blockchain Startups | SGInnovate

Tribe Accelerator Raises $15.7 Million in Capital for Blockchain Startups

Monday, December 09, 2019

Tribe Accelerator has facilitated the fundraising of $15.7 million and in total has raised $28 million for startups across the world with the objective of boosting blockchain technology innovations, according to news reports. The Singapore government-supported blockchain accelerator has also expressed its intention of propelling government partnerships with countries to promote development through technology.

Ng Yi Ming, Managing Partner, Tribe Accelerator while speaking at Tribe Accelerator’s Global Demo Tour said, “Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies that can change the face of the blockchain industry and benefit the end-user – making the technology more mainstream.”

Ming mentioned about the interest in collaborating with government and stated, “Going forward we will focus on enabling global government partnerships which is a must to fuel-up the current ecosystem. One of our goals is to drive the adoption of blockchain at a national level as countries like Singapore pursue their Smart Nation ambition. Mighty Jaxx, one of our participating companies from Batch I is already supporting OpenCerts, a government initiative in Singapore, that enables the issue and validation of tamper-resistant digital certificates.”

Hsien-Hui Tong, Head – Venture Investing, SGInnovate said, “At SGInnovate, we are focussed on helping entrepreneurial scientists build Deep Tech startups that can make a positive impact globally. This partnership with Tribe allows us to get closer to the action and support some promising startups through investments and venture building efforts to commercialise their products on a larger scale.”

The startup recipients of the funding are Affle, AID:Tech, Aqilliz, Bluzelle, DiMuto, Eximchain, Pilab, Torus and WhiteCoat. Tribe Accelerator was also supported by government agency Enterprise Singapore for the fundraising initiative. It has also signed a Memorandum of Understanding with financial technology accelerator Dubai International Financial Centre (DIFC) which will provide access to DIFC’s FinTech Hive of innovators, investors and corporate partners.

Original article: IBS Intelligence

Topics: Startup and Corporate Open Innovation

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