Monday 20 May 2024

John Patrick Mullin

Mantra launches incubator in Dubai World Trade Centre

DUBAI, April 17, 2024

Mantra has launched its new incubation programme at the Dubai World Trade Centre (DWTC), following an $11 million funding round led by Shorooq Partners. This programme is part of Mantra's effort to contribute to the Real World Asset (RWA) tokenisation sector, with a focus on the Mena region.
Established in partnership with the leading corporate service provider in the UAE, Virtuzone, the Mantra Incubator programme is designed to nurture and develop emerging projects within the Mantra ecosystem and in the RWA sphere. Mantra will provide the startups with financial support for development, infrastructure costs, licensing, banking, and administrative services.
Selected through a meticulous process, five distinguished projects will be given the opportunity to join the incubator programme, receiving comprehensive support to ensure their successful integration into the Mantra Chain ecosystem.
Seed investment
Each chosen project will benefit from a seed investment of $100,000. The funds will be allocated from the personal funds of Mantra’s founder and CEO, John Patrick Mullin, showcasing his deep involvement and eagerness to make the programme a success. Alongside the grants, the programme includes the dedicated assistance of an experienced project manager to oversee progress and provide expert guidance, as well as the opportunity to establish valuable connections, and gain access to a network of investors, setting a solid foundation for their future growth and success within the Mantra ecosystem.
The incubation journey will commence at the Mantra offices in Hong Kong, where the teams will spend an enriching month immersing themselves in the vibrant tech scene. The journey will continue in San Francisco, offering another month of exposure to innovative practices and industry leaders. Eventually the teams will be headquartered in the prestigious Dubai World Trade Center, providing a global platform for the projects to showcase their potential.
Located in the Sheikh Rashid Tower at DWTC, the incubation space is located in the building’s Maktabi business centre covering over 17,000 square feet, reflecting Dubai's role as a centre for crypto innovation and matching Mantra's goals for a vibrant startup ecosystem.
Holistic platform
Mullin emphasised the programme's goal to go beyond mere workspace provision. "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," Mullin stated.
“We have seen the unprecedented growth potential of Web3 companies in recent years, especially in specialised 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 realising that vision,” said Neil Petch, Chairman and Co-Founder of Virtuzone.
“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.”--TradeArabia News Service


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