Tribe Accelerator, that is a blockchain accelerator backed by the Singaporean government, has raised 25 million Singaporean dollars which is roughly about $16 million for startups that are presented on its platform. Sources indicate that the accelerator revealed this in a press release yesterday and that about $28 million in total has been raised so far for startups that employ blockchain technology to revolve issues that the world currently faces. The accelerator further revealed that the first set of startups had already received investments worth about $12.2 million in funding within the past 90 days.
Sources indicate that the funds raised are for nine startups namely: AID:Tech, Pilab, Torus , WhiteCoat, Eximchain, Bluzelle, Aqilliz, Dimuto, Affle, which are all involved in diverse sectors and solve different kinds of problems ranging from cybersecurity to social welfare programs, digital retail to supply chain services and solutions, healthcare to services data privacy among others as well.
Managing partner of Tribe Accelerator Ng Yi Ming indicated that :
“Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. 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 with transformative innovations, that can change the face of the blockchain industry and benefit the end-user — making the technology more mainstream.”
“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”, added he as well.
Founded a year ago, Tribe started as a concept that was originally developed by Tri5 Ventures which is a venture capital investment firm that provides everything startups that are in their lift-off stages need. As an accelerator Tribe creates the necessary environment for Startups to grow and also provides linkages for the startups to investors, technical partners corporations in the big leagues and just about anybody else who will be of benefit to the startups themselves. Partners that have been involved with the startups include BMW Group Asia, Nielsen, Citi Bank, Intel, with other strategic partners.
Accelerators are the next evolution that will propel the crypto space in 2020. So far, the crypto space has followed the growth curve that indicates greater inclusion in the fintech space. The existence of accelerators in any budding sector indicates that such a sector does not only possess the capacity for growth but adoption by everyone else as well. Accelerators are the bridge between entrepreneurship and management from when a startup takes off till when it reaches the stages that crisis would either make or mar its existence.
The presence of Tribe and other such accelerators within the industry further tells of what the coming years are going to bring if studies of other technology industries are anything to go by. In essence, the crypto world is about to blow up and accelerators are going to make this happen.