Tuesday April 23rd, 2024
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MANTRA Blockchain Completes $11 Million Round Led by Shorooq Partners

The blockchain specialises in Real World Assets, and hopes to use the funds to establish regulatory-compliant infrastructure.

Startup Scene

MANTRA ($OM), the Layer 1 blockchain specialising in Real World Assets (RWA) based in Hong Kong, recently concluded an $11 million funding round, with Shorooq Partners leading the investment. This round attracted a diverse group of strategic investors such as Three Point Capital, Forte Securities, Virtuzone and Hex Trust. The infusion of fresh capital aims to propel MANTRA towards its goal of enabling RWA tokenization at scale by establishing regulatory-compliant infrastructure, equipping developers with tools for RWA-focused protocols on MANTRA Chain, and expanding the tokenization of real-world assets, particularly in the MENA region and Asia.

By simplifying the process of asset trading, MANTRA aims to create new investment opportunities, promote entrepreneurship, and attract global investors. The platform's focus on enabling billions of dollars in institutional capital to move onto blockchain through tokenized RWAs holds promise for TradFi (Traditional Finance) companies, offering a secure and compliant framework on MANTRA Chain.

In conjunction with the funding, MANTRA Chain has launched its incentivized testnet named Hongbai, a blend of Hong Kong and Dubai, to forge connections between the Middle East and Asia, promoting cross-border economic collaboration by facilitating the exchange of ideas, resources, and investment opportunities.

“This funding not only accelerates our vision of bringing the world’s financial ecosystem onchain, but also solidifies our commitment to the Hong Kong and Middle Eastern markets, where our physical offices in Hong Kong and Dubai stand as beacons of innovation,” John Patrick Mullin, MANTRA’s CEO, tells StartupScene. “We're crafting an infrastructure designed for builders, institutions, enterprises, and users keen on exploring RWAs. It's a testament to our mission of making asset tokenization a cornerstone of financial inclusivity and market development.”

Shorooq Partners, the primary investor in this round, holds a significant presence as a tech investor in the MENA and Asia regions. Focused on supporting seed and early-stage startups, Shorooq boasts expertise in fintech, software, gaming and web3, with a track record of backing notable disruptors such as Tamara, Pure Harvest Smart Farms, TruKKer, and NymCard.

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