Tribe Accelerator raises $15.7 Million in fundraising to aid blockchain start-ups


  • The Singaporean government-backed platform has overall raised around $28 million to date.
  • Firms like IBM, Citibank and Ubisoft joined as corporate partners for the second edition of Tribe's four-month program. 

Tribe, a state-backed blockchain platform based in Singapore, has recently helped raise $15.7 million for participating companies through its ecosystem. According to a press release by Cointelegraph, Tribe Accelerator confirmed that the platform has overall raised around $28 million to date. The funds are used to support start-ups from around the world that aim to use blockchain technology to solve real-world problems. In around three months, the first group of startups reportedly collected over $12.2 million. Managing partner of Tribe Accelerator Ng Yi Ming said:

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.

Tribe was launched back in December 2018. It helps blockchain startups in their growth stage by linking them with major corporations. Tribe is a creation of Tri5 Ventures, a venture capital firm that supports later-stage startups. Tribe Accelerator has received tremendous support from the government since its launch. 

Many corporate partners like big four accounting giant PwC, South Korean blockchain network Icon Foundation, BMW Group Asia and Intel have supported Tribe Accelerator. Recently, major companies like IBM, Citibank and video game giant Ubisoft joined as corporate partners for the second edition of Tribe's four-month program.

Tezos’s non-profit arm Tezos Southeast Asia (TSA) also announced its partnership with Tribe in November. They would work together to launch a training program on the Tezos blockchain. Tezos expects to bring in more developers to create Tezos blockchain-based solutions for real-world applications. President of TSA Caleb Kow said:

By enabling trainers with a good knowledge of Tezos blockchain technology, they will be able to amplify the impact in their respective teams through the continual transfer and sharing of knowledge to new learners.


 

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