MANTRA Completes $11M Round Led by Shorooq Partners to Accelerate RWA Tokenization
Dubai, UAE, March 19th, 2024, Chainwire MANTRA ($OM), the Layer 1 blockchain for Real World Assets (RWA), has announced the completion of a new funding round. Top venture and technology investor in the MENA region, Shorooq Partners, led the $11M investment round. Additionally, a diverse range of strategic investors such as Three Point Capital, Forte […]
The fresh capital injection will enhance MANTRA's goal of enabling RWA tokenization that can operate at scale. Funds will be used to achieve three critical objectives: building regulatory-compliant infrastructure that adheres to global standards, empowering developers with the tools needed to create RWA-focused protocols on MANTRA Chain, and expanding the tokenization of real-world assets while spotlighting market opportunities between the Middle East and North Africa (MENA) as well as Asia.
MANTRA ($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 investment avenues, promote entrepreneurship, and attract global investors. This aligns with the goals of both regions to lead in financial innovation, driving economic growth and prosperity in the region.
MANTRA ($OM) is on a mission to accelerate the adoption of tokenized RWAs by enabling billions of dollars in institutional capital to move onchain. MANTRA Chain provides a compliant framework for the creation and trading of RWAs, empowering TradFi companies to tap into the many benefits afforded by blockchain technology. 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 $11M funding round coincides with the release of Hongbai, MANTRA Chain’s incentivized testnet. Its name a portmanteau of Hong Kong and Dubai, Hongbai signals MANTRA’s intent to focus its onboarding efforts in these two financial hotspots. The launch of the MANTRA Chain testnet will aspire 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 encourage cross-border economic collaboration. This will facilitate the exchange of ideas, resources, and investment opportunities, enhancing the economic landscape of both regions.
John Patrick Mullin, MANTRA’s CEO, said: “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. 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.”
Shane Shin, Founding 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. Their strategic focus on significant markets like Hong Kong and Dubai aligns with our vision for financial innovation and inclusion. We're investing not just in technology, but in a future where digital and traditional assets converge seamlessly. MANTRA is set to lead this transformation, and we're thrilled to support their journey.”
Shorooq Partners is a leading tech investor in MENA and Asia. Focused on seed and early-stage startups, Shorooq has deep expertise in fintech, software, gaming, and web3 and has backed market-leading disruptors, including Tamara, Pure Harvest Smart Farms, TruKKer and NymCard.
MANTRA is the first RWA L1 blockchain capable of adherence and enforcement of real world regulatory requirements. By accelerating the adoption of tokenized RWAs, MANTRA has the potential to unlock the $16 trillion RWA economy with a regulatory-ready blockchain. Through MANTRA Chain’s compliant framework, TradFi companies can easily switch to and leverage asset tokenization and blockchain solutions, boosting global RWA growth.
MANTRA addresses key industry challenges, including liquidity fragmentation and cross-chain interoperability, setting the foundation for a secure, scalable infrastructure. MANTRA will also offer a DEX that provides users with a diversified product suite built around easy access to tokenized real world assets.
About Shorooq Partners
Founded in 2017, Shorooq Partners is the leading tech investor across MENA and Asia. The firm has backed market-leading disruptors, including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.
Shorooq Partners has invested in 60+ companies alongside global top-tier funds supporting the creation of regional powerhouses. Shorooq Partners is headquartered in Abu Dhabi, UAE and has offices across the UAE, KSA, Egypt, and Korea.
Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA Registration No 190004) is a member.
Contact
Marketing Lead Christoph Lidman press@mantrachain.io
Disclaimer: Press release sponsored by our commercial partners.
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