Blockchain accelerator Tribe gets strategic backing from Korean VC firm

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BLOCKCHAIN accelerator Tribe Accelerator has snagged strategic investment from Korea Investment Partners (KIP), a South Korean venture capital firm with US$3 billion of assets under management. This is KIP's first direct investment in Singapore.

Other investors include Mandiri Investment Management Singapore, a subsidiary of Indonesia state-owned Bank Mandiri; early Twitter, Coinbase and Square investor, Greg Kidd; and Hong Kong-based investment firm Stellar Partners.

Tribe is aiming to use the funds to grow both its accelerator and educational institute Tribe Academy, expand into new markets and provide a broad range of support for promising blockchain startups and talents from around the world.

Tribe has added Pfizer to its network of global partners, alongside the likes of HSBC, Infineon Technologies, SBI Ven Capital and others. The partners provide a range of support to startups, from technical expertise to resources and access to their own networks.

Tribe's participating startups have collectively raised US$70 million since joining the programme. Blockchain startups it has supported include digital credentials company Accredify, digital identity startup AID:Tech and ride-hailing platform TADA.

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