DMCC Crypto Centre, Brinc sign deal on $150 million acceleretor fund

DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has partnered with the global VC firm Brinc to provide DMCC Crypto Centre members with access to Brinc’s $150 million accelerator fund.

Brinc is a portfolio company of Animoca Brands, a global leader in Web3 and blockchain investment.

In addition to the comprehensive offering of the DMCC Crypto Centre, members will now also gain access to Brinc’s global network of innovative startups as well as business mentoring services from their new office in DMCC.

The partnership will support the long-term and rapid growth of the companies that develop Web3 and blockchain technologies and associated value-added services at the DMCC Crypto Centre.

By providing an unparalleled environment for crypto entrepreneurs, SMEs and multinationals, the DMCC Crypto Centre has attracted over 450 crypto firms since its launch in 2021, making it the largest concentration of blockchain and Web3 businesses in the region.

The DMCC Crypto Centre members operate in a broad range of sectors, using blockchain and Web3 technology in areas such as financial services, healthcare, entertainment, gaming and sustainability.

“We are proud to be partnering with one of the world’s leading VC firms in this space, and to meet the growing demand from our members to access funding, while also providing access to Brinc's well-connected ecosystem. With so many global challenges occurring simultaneously, major businesses are focused more than ever on accessing state-of-the-art infrastructure within a comfortable working environment, which is exactly what DMCC strives to provide,” Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, said.

Manav Gupta, founder and CEO of Brinc, said the newly launched Dubai Metaverse Strategy aims to support over 40,000 virtual jobs by 2030; while Dubai’s plan to use cutting- edge technology to improve efficiency and sustainability vastly appeals to Brinc, whose mandate since inception has been to discover and enhance businesses that creatively solve global problems.

"Our partnership with the DMCC will reveal a new pool of Web3 entrepreneurs and enable us to identify, empower, and invest in startups that shape the future based on a shared thesis and set of ideals,” he said.

Yasin Aboudaoud, CDO and MP of Brinc Mena, said Brinc has an exceptional track record working with incredible partners such as the DMCC to progress innovative startups in a way that redefines sustainability while delivering tools, networks, and knowledge to some of the world’s most promising and innovative founders.

"Collaborating with the DMCC and its vibrant community at a time when Mena is welcoming blockchain and digital asset innovation is a hugely exciting prospect. The ability to build networks in Web3 – where community is king – will be invaluable to our mission,” he said.

The DMCC Crypto Centre is a complete ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to scale their operations. It provides its member companies with access to capital through global investors, the best local and international industry talent, and a full suite of crypto licences that increase the ease of doing business.

In first half of 2022, DMCC broke all previous records by attracting 1,469 new member companies. Owing to the leading environment provided at the Crypto Centre, over 14 per cent of these new company registrations were related to crypto activities.

Key takeaways

• Brinc to expand their global footprint by setting up an office in DMCC

• Crypto Centre offers comprehensive ecosystem for blockchain and Web3 companies and entrepreneurs

• Partnership reinforces Dubai as a global capital for crypto technologies

— muzaffarrizvi@khaleejtimes.com