[PRESS RELEASE – Dubai, UAE, April 16th, 2024]
MANTRA is announcing the launch of its new incubation program at the Dubai World Trade Center (DWTC), following an $11 million funding round led by Shorooq Partners. This program is part of MANTRA’s effort to contribute to the Real World Asset (RWA) tokenization sector, with a focus on the MENA region.
Established in partnership with the leading corporate service provider in the United Arab Emirates, Virtuzone, the MANTRA Incubator program 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 program, receiving comprehensive support to ensure their successful integration into the MANTRA Chain ecosystem.
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 program a success. Alongside the grants, the program 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 center covering over 17,000 square feet, reflecting Dubai’s role as a center for crypto innovation and matching MANTRA’s goals for a vibrant startup ecosystem.
John Patrick Mullin, CEO and Co-Founder of MANTRA, emphasized the program’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 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,” 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.”
About MANTRA
MANTRA is a security-first RWA Layer 1 Blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.
Following the successful launch of the public testnet in November 2023, MANTRA has now launched the long awaited next phase of the incentivized testnet, Hongbai. The incubation program is a key component of MANTRA’s strategic plan to empower developers to create RWA-focused protocols on the MANTRA Chain, further expanding its ecosystem.
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About Virtuzone
Virtuzone is the UAE’s first and largest company formation specialists and an award-winning corporate service provider. Established in 2009, Virtuzone has set up the companies of more than 70,000 entrepreneurs from 180 countries. With over 200 staff members speaking 40 languages, Virtuzone provides end-to-end company formation and corporate services, ranging from trade license and visa processing to bank account opening, tax consultancy, compliance, accounting, legal services, and more. Virtuzone is part of Virtugroup, a Dubai-based holding company that comprises Virtuzone Accounting and Tax, VZ Real Estate, VZX, and Next Generation Equity, which offers citizenship and residency-by-investment programs.
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