Singapore venture capital firm to launch blockchain accelerator for start-ups

SINGAPORE - Singapore venture capital firm Trive Ventures, formerly known as Tri5 Ventures, has unveiled a blockchain accelerator aimed at later-stage start-ups, with the backing of a government agency here.

Its six-month Tribe Accelerator programme will emphasise product development and the mass adoption of blockchain, with decentralised applications or back-end digital solutions that tap distributed ledger technology, said the South-east Asia-focused investor on Tuesday (Dec 4).

Eight start-ups will be picked for the initial cohort, with the incubation programme to kick off in the first quarter of 2019. Partners include government body Enterprise Singapore, PricewaterhouseCoopers (PwC) Singapore's Venture Hub and South Korean blockchain network Icon Foundation.

Trive Ventures, which typically invests in technology start-ups in the seed to Series A funding rounds, previously worked with the Singapore Government as an accredited mentor to early-stage start-ups.

Mr Jonathan Lim, director of start-up and global innovation alliance at Enterprise Singapore, said in a statement provided by Trive Ventures that the agency welcomes more deep-tech accelerators.

"By working with Tribe Accelerator, we hope to create more innovative and disruptive blockchain start-ups to capture growth opportunities locally and overseas," said Mr Lim.