On January 17, 2022, Neom Blockchain Technologies announced that it would launch a new $10 million fund to startups across the world. The fund will focus on startups working on innovative solutions for smart cities and the metaverse. Neom Blockchain announced that it would ensure the funding process was transparent, fast, and reliable. To achieve this, they would work with several investment funds in Europe and the Middle East.
Details Of The Fund
The company will set up a $10 million fund, which is derived from the income it got from its pre-sale. They will use the money to fund entrepreneurs and startups working on innovative solutions for smart cities, including renewable energy, food logistics using RFID technology, digital insurance, blockchain solutions, IoT, employment, and more. Additionally, the company will focus on solutions that benefit humanity in the metaverse.
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The company stated that it was aware of the difficulties startups face when trying to secure funding. According to Neom Blockchain, the fund will be open to entrepreneurs from all over the world. They will work with investment funds to ensure the process of securing funds is fast, reliable, and transparent.
The company also stated that it was grateful for all the support it has received in the launch of the New Earth Order Money (NEOM), which is traded on the BitMart exchange. Neom stated that it had prepared several surprises for its users who showed interest in the presale.
Other Funds Announced In January
Neom is not the only one to announce funding for startups in the blockchain. Funverse Capital also announced a $10 million investment fund for blockchain-based startups on the same day. In its announcement, the company revealed that the fund was backed by Funtap, a leading mobile game publisher in Vietnam.
For each qualified project, Funverse Capital will offer up to $1 million in funding. Startups will also benefit from Funtap’s leading position in Vietnam’s gaming sector as well as its 42 million global customer network.
The fund will focus on startups in Southeast Asia within the blockchain sector in the GameFi, DeFi subsectors, and other potential subsectors. The blockchain market in Vietnam has been booming in recent months, thanks to the global success of the popular NFT game Axie Infinity. To date, there are about 10 blockchain startups in the country with a market cap of over $100 million.
Discussing the launch of the funds, the Funtap Corp CEO stated:
“Blockchain and NFT are great motivations for the coming generation of Internet products and services. With our financial capital and other business resources committed via Funverse Capital, Funtap is now ready to contribute to the growth and acceleration of the emerging tech industry.”
Funding For Startups In The Blockchain Sector
Funding for startups within the blockchain sector has been rising gradually in recent years. For instance, in Q1 2021, blockchain startups received $2.6 billion in funding. It shows that investors are recognizing the value of blockchain technology and its potential applications outside securing crypto transactions.
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