MANTRA’s incubator to nurture Web3 startups with comprehensive support and resources.
MANTRA has unveiled its latest incubation program at the Dubai World Trade Center, following a successful $11 million funding round spearheaded by Shorooq Partners. The initiative aims to bolster the real-world assets (RWA) tokenization sector, particularly within the Middle East and North Africa (MENA) region, and includes the collaboration of Virtuzone, the United Arab Emirates’ premier corporate service provider.
“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,” said Neil Petch, chairman and co-founder of Virtuzone. “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.”
According to the announcement, the program offers comprehensive support, including financial backing for development, infrastructure, licensing, banking, and administrative services. Five select projects will join the incubator, each receiving a $100,000 seed investment from MANTRA founder and CEO John Patrick Mullin’s funds, showing Mullin’s commitment to the program’s success.
Participants will also benefit from the guidance of a dedicated project manager and access to a network of investors. The incubation journey begins in Hong Kong at MANTRA’s offices, followed by a month in San Francisco, culminating at the Dubai World Trade Center. The Sheikh Rashid Tower’s Maktabi business center, spanning over 17,000 square feet, will serve as the incubation space, reflecting Dubai’s status as a hub for crypto innovation.
“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,” said George Hojeige, Group CEO of Virtuzone. “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.”
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