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Startups in Singapore Blockchain Accelerator Tribe Raise S$21.5 Million

December 3, 2019

Published in The Business Times, by Claudia Chong

GOVERNMENT-BACKED blockchain accelerator Tribe Accelerator said its second batch of nine startups has raised S$21.5 million from external investors, including SGInnovate.

Tribe’s inaugural batch of 10 startups raised S$16.8 million. Another S$30 million is in the pipeline for both batches; discussions with investors are ongoing.

Among the portfolio companies in the second batch are supply chain solutions platform DiMuto; telemedicine startup WhiteCoat; Eximchain, which helps businesses transact and share information more efficiently and securely through blockchain technology; and Torus, a distributed private key management solution with a focus on cybersecurity.

Other participating companies are consumer advertising startup Affle; AID:Tech, which has created a solution to deliver aid, social welfare and traceable donations on the blockchain; Aqilliz, a hybrid advertising and customer loyalty management platform; distributed open source database service Bluzelle; and Pilab, which builds software for the communication and management of data across different platforms.

Tribe had a demo day for its startups in Singapore, and demo days will also be held in Dubai, Shanghai and Abu Dhabi.

Ng Yi Ming, managing partner of Tribe, said: “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.”

Tong Hsien-Hui, SGInnovate’s head of venture investing, said: “We are increasingly seeing more real-life use cases of blockchain technology across different industries… This partnership with Tribe allows us to get closer to the action and support some very promising startups through investments and venture building efforts.”

At the Singapore FinTech Festival X SWITCH 2019, Tribe inked an agreement with Dubai International Financial Centre FinTech Hive, the largest financial technology accelerator in the Middle East. This will give Tribe access to a new pool of innovators, investors and corporate partners, said the firm in a press statement.

Tribe’s official partners include Enterprise Singapore, Temasek, BMW Group Asia, IBM, Intel and Nielsen.

Read the original article here.