MANTRA launches the “Business Incubator” program to support emerging financial technology companies
Today, the blockchain infrastructure company MANTRA launched its “Business Incubator” program from its headquarters at the Dubai World Trade Center, spanning over 17,000 square feet. The initiative aims to support startups and enhance Dubai’s leadership in digital currency innovation and the growth of the financial technology sector in the UAE.
This launch comes as part of the company’s plans to focus on the RWA asset encoding sector in the Middle East and North Africa region, following its recent successful funding round of $11 million led by Shorooq Partners, the largest investor in projects and technology in the Middle East and North Africa.
The program was launched in partnership with Virtuzone, a leading business services provider in the UAE, to support and develop startups in MANTRA’s ecosystem and the RWA asset encoding sector. It provides financial support for startups’ development, infrastructure costs, licensing, banking services, and administrative services. Additionally, five outstanding startups will be selected through an effective evaluation process to join the program and receive comprehensive support to ensure their successful integration into MANTRA’s ecosystem.
John Patrick Mullen, co-founder and CEO of MANTRA, emphasized that the goals of launching the “Business Incubator” program are to support startups with specialized expertise, workspace, and other means of enhancing businesses. He stated, “We have launched this program in Dubai, a global leader in digital currency development, and it is a comprehensive program to support project innovation in the Web 3 field, effectively enabling promising startups in this field to benefit from resources, networks, and innovative solutions in a supportive business environment.”
As part of the support for startups in the new “Business Incubator” program, John Patrick Mullin, CEO of MANTRA, will provide an initial investment of $100,000 for each selected project, in addition to grants for specialized assistance provided by an experienced project manager supervising development with guidance from a group of experts. Furthermore, efforts will be made to provide support for projects through the necessary communication network and enable access to investors for growth and prosperity within MANTRA’s ecosystem.
Neil Petch, co-founder and CEO of Virtuzone, noted that companies specializing in Web 3, artificial intelligence, data, and digital learning have witnessed significant growth in recent years. Therefore, they are working to promote the development of startups in these fields in the UAE by providing the necessary infrastructure to enhance innovation alongside supporting the UAE’s vision to attract 10 unicorn companies by 2030.
Projects will begin benefiting from the program at MANTRA’s headquarters in Hong Kong, where teams will spend a month familiarizing themselves with the latest technological tools and innovations, as well as a full month of training on innovative entrepreneurship practices in San Francisco. Plans are then made to develop work at the main headquarters of the program at the prestigious Dubai World Trade Center, ensuring project access to global expertise to enhance growth prospects and capabilities.
George Hajj, CEO of the Virtuzone Group, stated, “The fruitful collaboration with MANTRA aims to create an innovative business environment that enables Web 3 startups to grow and expand locally and regionally. This is part of our strategy to focus on supporting technology, innovation, and companies specializing in Web 3 development and financial technology across the region.
