Following a $11 million fundraising round spearheaded by Shorooq Partners, MANTRA is proud to announce the start of its new incubation program at the Dubai World Trade Center (DWTC). As part of its mission to support the Real World Asset (RWA) tokenization industry, MANTRA has launched this initiative, with a particular emphasis on the MENA region.
The MANTRA Incubator program was created to support and foster new initiatives within the RWA sphere and the MANTRA ecosystem in collaboration with Virtuzone, a leading UAE-based corporate service provider. Financial assistance for development, infrastructure, licensing, banking, and administrative services will be provided by MANTRA to the startups.
Five outstanding initiatives will be chosen following a rigorous procedure and offered the chance to participate in the incubator program. They will get extensive assistance to help them integrate into the MANTRA Chain ecosystem.
A $100,000 initial investment will be made available to each of the selected projects. John Patrick Mullin, creator and CEO of MANTRA, has shown his strong commitment and desire to see the initiative through by contributing his own money to support it. Grants aside, the program offers a seasoned project manager to keep an eye on things and give advice, chances to meet influential people, and access to a network of investors, all of which will help them build a strong foundation for their future in the MANTRA ecosystem.
Teams will spend a transformative month soaking up the energy of Hong Kong’s thriving innovation industry at the MANTRA offices, where their incubation journey will officially begin. The next stop is San Francisco, where participants will have the opportunity to learn from pioneers in the field for another month. The esteemed Dubai World Trade Center will serve as the teams’ headquarters and serve as a showcase for the projects’ potential on a global scale.
The 17,000 square foot incubation facility in the Maktabi business center of the Sheikh Rashid Tower at DWTC reflects Dubai’s position as a hub for crypto innovation and aligns with MANTRA’s aspirations for a thriving startup ecosystem. The initiative aims to do more than just provide workspace, according to John Patrick Mullin, CEO and Co-Founder of MANTRA.
Mullin stated:
“We’re building a holistic platform for innovation in the web3 space, enabling promising companies to leverage resources, networks, and a nurturing environment in one of the most vibrant crypto scenes globally.”
Neil Petch, Chairman and Co-Founder of Virtuzone stated:
“We have seen the unprecedented growth potential of Web3 companies in recent years, especially in specialized areas such as AI, big data and machine learning. As a forward-looking company, we aim to be early movers in this space and build the necessary infrastructure for Web3 start-ups to launch and scale. The UAE envisions having 10 unicorns by 2030, and we aspire to work in unity with the government in realizing that vision.”
George Hojeige, Group CEO of Virtuzone stated:
“Our milestone collaboration with MANTRA and this pioneering incubator project echo our commitment to creating a conducive environment for Web3 start-ups to grow, thrive and scale exponentially. Our vision is to increasingly pivot towards a tech and innovation-driven growth strategy and establish ourselves as a pillar of support for Web3 and fintech development, not only in the country but across the region.”
