Startups in Singapore blockchain accelerator Tribe raise S$21.5m

Startups in Singapore blockchain accelerator Tribe raise S$21.5m

Tribe Accelerator managing partner Ng Yi Ming (far right) with executives of startups from the accelerator’s second batch, during a demo day in Singapore. GOVERNMENT-BACKED blockchain accelerator Tribe Accelerator said its second batch of nine startups has raised S$21.5 million from external investors, including SGInnovate.

Tribe’s inaugural batch of 10 startups raised S$16.8 million. Another S$30 million is in the pipeline for both batches; discussions with investors are ongoing.

Among the portfolio companies in the second batch are supply chain solutions platform DiMuto; telemedicine startup WhiteCoat; Eximchain, which helps businesses transact and share information more efficiently and securely through blockchain technology; and Torus, a distributed private key management solution with a focus on cybersecurity.

Other participating companies are consumer advertising startup Affle; AID:Tech, which has created a solution to deliver aid, social welfare and traceable donations on the blockchain; Aqilliz, a hybrid advertising and customer loyalty management platform; distributed open source database service Bluzelle; and Pilab, which builds software for the communication and management of data across different platforms.

Tribe had a demo day for its startups in Singapore, and demo days will also be held in Dubai, Shanghai and Abu Dhabi.

Ng Yi Ming, managing partner of Tribe, said: "We will continue to harbour companies with transformative innovations, that can change the face of the blockchain industry and benefit the end user – making the technology more mainstream."

Tong Hsien-Hui, SGInnovate’s head of venture investing, said: "We are increasingly seeing more real-life use cases of blockchain technology across different industries… This partnership with Tribe […]