© Reuters. MANTRA Completes $11M Round Led by Shorooq Partners to Accelerate RWA Tokenization
Dubai, United Arab Emirates, March 19, 2024, Chainwire
MANTRA ($OM), the Layer 1 blockchain for real-world assets (RWA), has announced the completion of a new funding round. Leading venture and technology investor in the MENA region, Shorooq Partners, led the $11 million investment round. Additionally, a wide range of strategic investors such as Three Point Capital, Forte Securities, Virtuzone, Hex Trust, GameFi Ventures, Caladan, Token Bay Capital, BlackPine, Mapleblock, Fuse Capital, 280 Capital and others joined the financing.
The new capital injection will enhance MANTRA's goal of enabling RWA tokenization that can operate at scale. The funds will be used to achieve three critical objectives: build a regulatory-compliant infrastructure that adheres to global standards, provide developers with the tools necessary to create RWA-centric protocols on the MANTRA Chain, and expand the tokenization of assets of the real world while highlighting market opportunities. between the Middle East and North Africa (MENA), as well as Asia.
MANTRA ($OM) aims to make investing more accessible in the Middle East and Asia by boosting market liquidity and fostering growth. This will stimulate economic activity and development in these regions, which have previously faced barriers to entering financial markets. Simplifying the process of buying and selling assets will create new avenues for investment, promote entrepreneurship and attract global investors. This aligns with both regions' objectives to lead financial innovation, driving economic growth and prosperity in the region.
MANTRA ($OM) is on a mission to accelerate the adoption of tokenized RWA by enabling billions of dollars in institutional capital to move on-chain. MANTRA Chain provides a compatible framework for the creation and trading of RWA, allowing TradFi companies to take advantage of the numerous benefits that blockchain technology offers. By offering a tangible, secure and stable application of blockchain technology, MANTRA is well positioned to capitalize on the growing interest in digital assets and blockchain solutions.
The $11 million funding round coincides with the launch of Hongbai, MANTRA Chain's incentivized testnet. Its name is an acronym for Hong Kong and Dubai, Hongbai signals MANTRA's intention to focus its incorporation efforts on these two financial points. The launch of the MANTRA Chain testnet will aim to build bridges, both literal and metaphorical, between the Middle East and Asia. In doing so, it will set a new benchmark for RWA tokenization and foster cross-border economic collaboration. This will facilitate the exchange of ideas, resources and investment opportunities, improving the economic outlook for both regions.
John Patrick Mullinexecutive director of MANTRA, said: “This financing not only accelerates our vision of bringing the global financial ecosystem into the chain, but also solidifies our commitment to the Hong Kong and Middle East markets, where our physical offices in Hong Kong and Dubai are beacons of innovation. We are creating an infrastructure designed for builders, institutions, companies and users interested in exploring RWA. “It is a testament to our mission to make asset tokenization a cornerstone of financial inclusion and market development.”
Shane Shinfounding partner of lead investor Shorooq Partners, added: “MANTRA stood out to us for its pioneering approach to RWA tokenization and its commitment to regulatory compliance. Its strategic focus on important markets such as Hong Kong and Dubai aligns with our vision of innovation and financial inclusion. We are investing not only in technology, but in a future where digital and traditional assets converge seamlessly. “MANTRA is prepared to lead this transformation and we are delighted to support their journey.”
Shorooq Partners is a leading technology investor in MENA and Asia. Focused on startups and early stage companies, Shorooq has deep experience in fintech, software, gaming and web3 and has backed leading market disruptors including Tamara, Pure Harvest Smart Farms, TruKKer and NymCard.
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About MANTRA
MANTRA is the first RWA L1 blockchain capable of meeting and enforcing real-world regulatory requirements. By accelerating the adoption of tokenized RWA, MANTRA has the potential to unlock the $16 trillion RWA economy with a regulation-ready blockchain. Through the MANTRA Chain-enabled framework, TradFi businesses can easily pivot and leverage blockchain and asset tokenization solutions, driving global RWA growth.
MANTRA addresses key industry challenges, including liquidity fragmentation and cross-chain interoperability, laying the foundation for secure and scalable infrastructure. MANTRA will also offer a DEX that provides users with a diversified set of products built around easy access to real-world tokenized assets.
About Shorooq Partners
Founded in 2017, Shorooq Partners is the leading technology investor in MENA and Asia. The company has backed leading market disruptors including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.
Shorooq Partners has invested in over 60 companies alongside top-tier global funds supporting the creation of regional powerhouses. Shorooq Partners is headquartered in Abu Dhabi, United Arab Emirates with offices in the United Arab Emirates, Saudi Arabia, Egypt and Korea.
Shorooq Partners refers to a group of companies that are affiliated with each other and operate under this trading name, of which Shorooq Partners Ltd (regulated by the Financial Services Regulatory Authority ADGM, FSRA Registration No. 190004) is a member.
ContactMarketing leaderChristoph Lidman[email protected]
This article was originally published on Chainwire.
