Blockchain Startups From Singapore-Based Tribe Accelerator Raise $70M

Singapore’s first government-backed blockchain network, Tribe, has garnered new strategic investments from international venture capitalists to further the development of its Accelerator and Academy programs. Tribe Accelerator also announced Wednesday that its participating startups have raised over $70 million and its list of network partners now includes Pfizer.

Venture capital firm Korea Investment Partners ("KIP") has made a strategic investment in Tribe, marking its first direct investment in Singapore. Mandiri Investment Management Singapore ("MIMS"), a unit of Indonesia state-owned Bank Mandiri; Greg Kidd, an early Twitter, Coinbase and Square investor; and Hong Kong-based Stellar Partners have now also made strategic investments in Tribe.

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The new funding will go toward expanding Tribe’s services and outreach to promising blockchain startups through Tribe Accelerator. The money will also support Tribe Academy in its efforts to increase access to education for underprivileged students and attract new talent to the blockchain sector.

Accelerator partnerships foster blockchain startup growth

Additionally, Tribe Accelerator now includes pharmaceutical heavyweight Pfizer among its list of network partners that contribute guidance, expertise, networking and resource support to its participating blockchain startups. Pfizer joins existing partners HSBC, Infineon Technologies, SBI Ven Capital, BMW Group Asia, ConsenSys, International Business Machines, Intel, Nielsen, PricewaterhouseCoopers, R3 and others.

"We are supporting a range of cutting-edge blockchain startups from around the world, with a total valuation of over USD$1 billion, that are solving global problems from food security to medicine deliveries,” said Tribe CEO Yi Ming Ng. For example, Accredify has developed a blockchain-based digital health passport that allows users to access and store test results via a mobile app.

Blockchain startups participating in Tribe Accelerator have raised “over US$70 million to date from investors including SGInnovate, Greycroft, SV Ventures and other global investment firms,” according to a company statement.

The accelerator’s alumni include companies such as Quantstamp, a blockchain-security firm, and Sentient.io, an artificial intelligence and data services provider.

The platform was launched in March 2019 and is now accepting applications for its fifth cohort.