IdeaSpace invests in blockchain startup Twala
IDEASPACE Foundation, the startup support organization behind IdeaSpace and QBO Innovation Hub, announced a new round of investments after closing the ninth cohort of the IdeaSpace acceleration program.
Following the IdeaSpace Demo Day, the IdeaSpace Investment Committee has chosen to invest P1 million each in Betterteem, Fitscovery and Twala.
Betterteem is an AI-powered workplace app that uses predictive analytics for benchmarking and insights; provides employee assistance programs on demand to make mental health support accessible in the workplace; and a digital community for social interaction, gamified fitness, and rewards and incentives.
Twala is the country’s first document management and eSignature platform powered by smart contracts on the Ethereum blockchain which aims to reduce contract signing time, courier cost and instances of fraud; and optimize this key business process for post-pandemic remote work.
“We selected these three startups because they’ve demonstrated clear and strong plans to achieve rapid growth and outlined a huge market opportunity in their respective industries,” said IdeaSpace President Butch Meily. “Over the duration of the IdeaSpace acceleration program, they have also shown the ability to scale quickly.”