Morningstar Ventures Launches MultiversX Dubai Incubator

Morningstar Ventures
3 min readOct 13, 2021


Morningstar Ventures is an investment firm focused on digital assets and blockchain technology, investing primarily in early-stage token and equity rounds.”

Our story with MultiversX started several years ago.

In 2018, Danilo S. Carlucci, (Morningstar Ventures’ Co-Founder and Chief Investment Officer) met Beniamin Mincu (Co-Founder and CEO of MultiversX Network) during Ethereum’s Devcon event that took place in Prague that year. The two of them bonded over common ideas on the blockchain space, and when a couple of months later, Beniamin started fundraising for MultiversX, and Danilo became one of the project’s first angel investors. Danilo eventually became an advisor to the project and has been an evangelist of the MultiversX project ever since.

Over the last few years, MultiversX has amassed a huge global community and pushed the boundaries of smart contracting platforms via its unique state-sharding approach, enabling its network to process transactions at unparalleled speeds. Fuelled by the demand for strong technological fundamentals and further amplified by the capped supply with strong store of value properties, the market cap of MultiversX’s utility token EGLD soared past 5 billion USD.

Today, nearly 3 years after our Co-Founder’s first mutual engagement with the MultiversX project, we are very excited to announce that we are taking our commitment toward the MultiversX ecosystem to the next level and will be investing a $15M USD fund into MultiversX related initiatives and exceptional projects building with MultiversX technology. The overarching goal is simple: provide strategic and financial support to founders and developers building products on MultiversX.

So how is this going to work? Well, we are going to focus on several objectives which we are looking to roll out step by step over the coming months:

  1. We are looking to fund global teams building on MultiversX (via investments and grants)
  2. We are going to shift a number of our internal resources into educating people about the MultiversX ecosystem and why it makes sense to “build on MultiversX”
  3. We are setting up a MultiversX Incubator based in Dubai, focused on building teams and products, as well as spearheading the growth of the MultiversX ecosystem in the UAE as well as across the Middle East.

“It has been incredible to observe how the unique combination of vision, talent and execution capabilities enabled MultiversX to outperform much bigger and way better-funded teams.
Their rapidly evolving internet-scale blockchain technology is perhaps the most advanced in the space, which creates an asymmetric opportunity for MultiversX to rapidly catch up with — and perhaps even surpass — the biggest blockchain ecosystems. We’re thrilled to take this opportunity and build alongside the hardest working team and most engaged community,” said Danilo S. Carlucci, Morningstar Ventures Co-Founder and Chief Investment Officer.

Over the last few weeks, Morningstar Ventures already started deploying fresh capital into several early-stage teams building on MultiversX, for example,

Going forward, we will be more active here on Medium and update our community with further info on why #WeBelieveInEGLD!

Coming soon in December: our in-depth analysis of the current stage of the MultiversX Ecosystem.

About MultiversX

MultiversX is the internet-scale blockchain designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, MultiversX introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, MultiversX can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.



About Morningstar Ventures

Morningstar Ventures is an investment firm backing ambitious ideas by early-stage founders. Based in Dubai, Morningstar Ventures focuses primarily on the blockchain and digital assets space and is led by CEO Danilo S. Carlucci. The firm is active in token and equity investments and has a particularly strong focus on the MultiversX ecosystem.

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