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Singaporean Gov’t Blockchain Platform Facilitates $15.7 Million in Fundraising

The Singaporean government-backed blockchain platform Tribe has helped raise another $15.7 million for participating companies through its ecosystem.

In a press release shared with Cointelegraph on Dec. 2, Tribe Accelerator revealed that a total of $28 million had been raised to date to support start-ups from around the world attempting to solve real-world problems with blockchain technology.

The first group of startups reportedly raised over $12.2 million within three months. Managing partner of Tribe Accelerator Ng Yi Ming commented:

“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, which helps blockchain startups in their growth stage by connecting them with major corporations, was launched in December 2018 and is the brainchild of Tri5 Ventures, a venture capital firm aiming to support later-stage startups.

Since its launch, Tribe Accelerator has received support from government and corporate partners including big four accounting giant PwC, South Korean blockchain network Icon Foundation, BMW Group Asia and Intel, among others.

More recently, IBM, Citibank and video game giant Ubisoft joined as corporate partners for the second edition of Tribe's four-month program.

On Nov. 21, Tezos’s non-profit arm Tezos Southeast Asia (TSA) announced its collaboration with Tribe to jointly launch a training program for developers on the Tezos blockchain. Tezos also hopes to attract more developers to create Tezos blockchain-based solutions for real-world applications. President of TSA Caleb Kow said at the time:

“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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