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Singapore and Irish state-backed organizations invest in blockchain startup AID:Tech

Dublin-based blockchain startup AID:Tech has announced simultaneous investments from Enterprise Ireland, and SGInnovate, at MoneyConf, marking the first time both Irish and Singapore state-backed organizations have invested in a blockchain company.

“Today not only marks a landmark occasion for AID:Tech but also for the wider blockchain industry as a whole. As investments from state-backed agencies both at home and abroad signal further support of this promising technology, it is extremely encouraging to see these highly regarded institutions identifying blockchain as an active area of innovation while also embracing the technology for future transformative projects,” Joseph Thompson, CEO and Co-founder of AID:Tech said.

Founded in 2014, AID:Tech focuses on the delivery of digital entitlements, including welfare, aid, remittance and donations using blockchain and digital identity. In a project in Tripoli, Northern Lebanon, it utilized its platform to transparently deliver aid to Syrian refugees.

In addition to Enterprise Ireland and SGInnovate, Blue Parasol Investments, Tin Fu Fund, and BlockAsset Ventures are also investing in AID:Tech:

  • Based in Amsterdam, Blue Parasol Investments is an impact investment fund led by former Credit Suisse and Barclays Capital Managing Director, Maurits Schouten.
  • The Tin Fu Fund aims to create added value to business ventures as an active investor by providing strategic advice and financial guidance to the Asian network.
  • BlockAsset Ventures, an Asian blockchain technology fund invests in promising blockchain startups. The fund leverages its years of experience in the digital asset space and strong industry relationships to invest in a portfolio of prominent digital assets.

“The combined funding will help us hire, scale, and ultimately deliver on projects with our global clients from governments and enterprises to NGOs and charities. The importance of having experienced and diversified investors from Europe and Asia is exactly in line with our global vision as a software company,” Thompson added.

Enterprise Ireland recently launched a new €750,000 competitive start fund for fintech and deeptech start-up companies that have the capacity to succeed in global markets.

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