Mubasher: MANTRA ($OM), the Layer 1 blockchain for Real World Assets (RWA), has secured a new funding round led by key venture and technology investors in the MENA region, according to a press release.
Shorooq Partners led the $11 million investment round, with the participation of Three Point Capital, Forte Securities, Virtuzone, Hex Trust, GameFi Ventures, Caladan, Token Bay Capital, BlackPine, Mapleblock, Fuse Capital and others.
The fundraising will drive MANTRA's objectives to enable RWA tokenisation that can operate at scale.
The funds will be used to develop regulatory-compliant infrastructure that adheres to global standards, empowering developers with the tools needed to create RWA-focused protocols on the MANTRA Chain.
It will also expand the tokenisation of real-world assets while spotlighting market opportunities between the MENA as well as Asia.
The $11 million funding round coincides with the release of Hongbai, MANTRA Chain’s incentivised 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 will bridge both literal and metaphorical between the Middle East and Asia. It will 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, CEO of MANTRA, said: “This funding not only accelerates our vision of bringing the world’s financial ecosystem on-chain 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.”
Mullin underlined: “We are 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: “Their [MANTRA] strategic focus on significant markets like Hong Kong and Dubai aligns with our vision for financial innovation and inclusion. MANTRA is set to lead this transformation, and we're thrilled to support their journey.”
