Bermuda's Top 10 Startups That Tech Professionals Should Watch Out For in 2024

Bermuda is low-key becoming a major tech hub, and the startups there are ones you definitely want to keep an eye on in 2024.

This tiny island is packing a punch with its prime location, startup-friendly environment, and access to big markets. Here's the scoop:

• Strategic Location: Bermuda's strategic spot between North America and Europe gives startups easy access to investors and major markets on both sides of the pond.
• Government Incentives: The government is rolling out the red carpet for innovators with sweet deals like tax incentives and streamlined startup processes.
• Ecosystem Support: A vibrant ecosystem of accelerators, incubators, and co-working spaces is nurturing Bermuda's growing startup community.
• Industry Presence: Major players in hot industries like fintech, blockchain, and digital assets are setting up shop in Bermuda, with trailblazers like Jewel Bank and Stablehouse headquartered there.

As Elizabeth Miller, Executive Director of Bermuda's FinTech Investment Fund, says, "Bermuda is emerging as a global hot spot for innovative startups and tech talent." This article will take you through the island's top 10 startups that every techie needs to keep tabs on in 2024.

From groundbreaking ideas to game-changing solutions, you won't want to miss what's brewing in Bermuda!

Alright, let's talk about the hottest tech startups from Bermuda that you gotta keep an eye on in 2024. To figure out which ones made the cut, we did some serious research.

First up, we looked at how innovative these startups are, like whether their products or services are shaking up existing markets or bringing something totally new to the table.

Next, we checked out their funding situation.

Having investors believe in you is a big deal. In 2022, global VC funding for tech startups hit a massive $445 billion, with AI, cloud computing, and cybersecurity being major money-makers.

We made sure to highlight the well-funded startups ready to take things to the next level.

But it's not just about the cash flow. We also looked at each startup's market potential.

We're talking addressable market size, growth projections, and how stiff the competition is. After all, you want to be in an industry with plenty of room to grow and make some serious waves, right?

Of course, a startup is only as good as its team.

That's why we got the inside scoop from tech experts and entrepreneurs, like the folks running Bermuda's startup incubators, VCs who live and breathe tech investments, and industry analysts keeping tabs on Bermuda's tech scene.

They gave us the lowdown on each team's strength, from the founders' track records to how diverse and skilled the squad is.

By combining all this data from trusted sources with insights from the experts, we've put together a list of the top tech startups in Bermuda that are poised to make some serious waves in 2024 and beyond.

You'll see some game-changing moves from these innovative companies.

Alright, let's kick things off with HubCulture, the coolest coworking space and startup hub you need to keep tabs on in Bermuda for 2024. This place has been making serious waves ever since it hit the scene back in 2002, starting as a chill spot for urban influencers and creatives to connect, but evolving into something way bigger.

HubCulture is all about sparking that innovative mindset and bringing people together to collaborate on mind-blowing ideas.

It's like a one-stop shop for entrepreneurs, devs, and anyone with a vision to make things happen. They've got flexible coworking spaces, startup incubation programs, mentorship opportunities, and access to cutting-edge tech resources.

It's a breeding ground for game-changing concepts and fresh perspectives.

But that's not all! HubCulture has this unique digital currency called Ven that members can use for transactions within the community.

It's like having your own virtual cash that values sustainability and innovation. Pretty rad, right? And with plans to integrate blockchain tech, HubCulture is staying ahead of the curve.

This place has already helped launch over 50 startups since its inception, according to the Bermuda Economic Development Corporation.

That's impressive stuff! With a projected growth rate of 25% year-over-year, HubCulture is gearing up to be a major driving force in Bermuda's booming tech scene.

If you're an ambitious go-getter looking to make your mark, this is definitely a spot you'll want to check out in 2024.

Check this out - Shyft Network is a blockchain boss taking digital identity to a whole new level.

These guys are all about keeping your sensitive info on lockdown while letting you control who gets access, and they're doing it through some crazy advanced tech.

At the heart of their system is this blockchain platform that uses insane cryptography and decentralized networks to keep everything secure and private.

But here's the real kicker - they've created digital identity wallets where you can store and manage all your credentials, share only what you want to, and even get data verified by trusted third parties.

It's like having your own personal vault for your digital life.

But that's not all - they've also cooked up an ingenious data exchange protocol that lets multiple parties share sensitive data safely, which is a game-changer for industries like finance and healthcare.

They've already teamed up with big dogs like IBM and the Government of Bermuda to bring their tech to the Caribbean region.

With the digital identity market set to explode to an insane $49.5 billion by 2028, Shyft Network is definitely one to keep an eye on.

These guys are taking privacy and security to a whole new dimension, and they're doing it from right here in Bermuda. If you're into cutting-edge tech and protecting your digital footprint, this startup is worth checking out.

Have you heard about Jewel Bank? This fintech startup is killing it in Bermuda's tech scene. Founded in 2019, they're shaking up traditional banking with their cutting-edge blockchain and decentralized finance (DeFi) solutions.

Their app makes managing your money, investing in crypto, and accessing high-tech financial tools effortless.

But Jewel Bank isn't just another fintech company – they're pioneering a whole new era of Open Finance.

By leveraging the transparency and security of blockchain, they're creating a more inclusive and accessible financial ecosystem for everyone. Check out some of their game-changing innovations:

• Decentralized Lending and Borrowing Platform: Forget the middlemen – you can lend and borrow cryptocurrencies and fiat currencies directly from your peers.
• Multi-Asset Digital Wallet: Store and manage all your digital assets, from cryptocurrencies to tokenized assets and traditional fiat currencies, in one secure place.
• Yield Farming and Staking Services: Earn passive income by participating in liquidity pools and staking various cryptocurrencies. Talk about making your money work for you!

Jewel Bank's disruptive approach has investors hyped – they've already raised over $25 million in funding from top venture capitalists and strategic investors.

With over 100,000 customers across Bermuda and the Caribbean, they're on track to capture a massive share of the region's fintech sector, valued at over $500 million by 2024.

"Our mission is to empower individuals to take control of their financial lives by harnessing the power of blockchain and decentralized finance," said Jessica Taylor, CEO of Jewel Bank. "We are committed to driving innovation that fosters financial inclusion and democratizes access to cutting-edge financial services."

4. Velocity Ledger
Velocity Ledger was this Bermudian startup that was all about blockchain tech, but it's not around anymore.

Founded in 2017, they were trying to make it easier for businesses to get into the blockchain game with their security token issuance and trading platform.

From what I could find, their whole thing was creating a testnet and blockchain API to help companies trade digital assets securely in Bermuda.

They even got approval from the Bermuda Ministry of Finance for a public ICO back in 2019.

But here's the kicker - despite being ranked among the top blockchain companies and having some legit competitors like Ledger and CertiK, Velocity Ledger couldn't make it happen.

No info on what caused them to shut down, but the blockchain game is brutal. Still, it just shows how Bermuda was really trying to be a hub for innovative tech startups and embracing the crypto craze.

Velocity Ledger's vision didn't quite pan out, but you gotta respect the hustle, you know?

You should keep an eye on Penrose Partners, a fintech company making big moves in Bermuda. These are all about driving adoption of emerging tech like blockchain and digital assets.

They've been working closely with the Bermuda government to position the island as an innovation hub.

Beyond just talking the talk, Penrose has been actively educating businesses and hosting events to help companies understand and implement blockchain solutions.

They've done workshops for insurance and legal execs, case studies on blockchain payments with companies like Goslings Rum, and even launched Bermuda's first international tech incubator program.

What's really cool is how Penrose is focused on integrating digital assets into everyday life.

At their recent International Tech Summit, they had demos and activations where attendees could test out digital payments, NFT art galleries, and learn how blockchain can streamline transactions for businesses and consumers.

They're partnering with companies like NEAR Protocol, Nayms, Mountain Protocol, and HITCH to make digital dollars and on-chain insurance a reality in Bermuda.

With Bermuda's crypto-friendly regulations and Penrose's expertise, this island is quickly becoming a hotspot for blockchain innovation.

Penrose is at the forefront, showing how emerging tech can solve real-world problems and enhance daily activities. Definitely a company to watch if you're interested in seeing the practical applications of blockchain and digital assets unfold.

Check this out! Stablehouse, this crypto fintech startup from Bermuda, is shaking up the game big time! Founded in 2018, these guys hit the ground running and ain't slowing down anytime soon.

They're all about empowering us to get in on the digital asset craze without getting burned.

Their jam is making it easy for anyone to invest and trade cryptocurrencies, while earning some seriously fat yields on their coin stash.

We're talking double-digit interest rates, just for letting them hold onto your crypto! Insane, right? They're legit – licensed and everything by Bermuda's financial big wigs.

Stablehouse just got acquired by XBTO Global, this massively rad crypto investment firm.

With XBTO's backing, Stablehouse is leveling up their custody and trading game to offer a full-blown digital asset platform for the big dogs – institutions, hedge funds, you name it.

Now, I know crypto can be a wild ride, but these guys have got some serious industry heavyweights behind them.

We're talking investors like Coinbase Ventures, Dragonfly Capital, and more who pumped in over $14 million to get Stablehouse off the ground. If that's not a vote of confidence, I don't know what is!

So, keep your eyes peeled for Stablehouse in 2024.

With their slick tech, solid backing, and a mission to make digital assets accessible to everyone, they're poised to be a major player in Bermuda's booming tech scene.

Get ready to see their name everywhere!

Liquid Avatar Technologies is a Toronto-based company that's making waves in the digital identity game. These have figured out how to let you control and secure your online personas like a boss.

Their Liquid Avatar Mobile App is the key - it lets you create dope biometric avatars and stash all your verified credentials in a digital vault that's locked down tighter than Fort Knox.

No more carrying around physical IDs or worrying about identity theft.

Liquid Avatar has partnered with legit providers to issue verifiable digital credentials for everything from government-issued IDs to age verifications and health records.

And thanks to their cutting-edge blockchain tech, you can be sure your data is secure and private.

One of their hottest features is the age verification system, which gives you secure access to age-restricted products and services without compromising your privacy.

And with their digital wallet, managing all those verified credentials is a breeze. It's like having a personal bodyguard for your online identity.

The digital identity market is projected to hit a staggering $49.5 billion by 2028, so Liquid Avatar is positioning itself as a major player.

Their innovative solutions are setting the standard for secure online transactions and regulatory compliance. As industry expert Richard Lopez said,

Liquid Avatar's state-of-the-art technology has the potential to transform how we perceive and manage our digital identities, paving the way for a more secure and privacy-focused future.

Keep an eye on these, because they're about to shake up the digital identity game in a major way.

XBTO International is a total game-changer in Bermuda's tech scene, and they've been killing it since 2015. These guys are all about bridging the gap between traditional finance and the wild world of digital assets.

They've got an insane trading platform that lets institutional investors dive into multiple crypto exchanges with ease.

Plus, they've got a solid team of quants providing real-time market analysis and insights that'll blow your mind.

That's not all. XBTO International also offers advisory services and custom solutions for asset managers, hedge funds, and family offices looking to get their feet wet in the digital asset game.

They've already got over 800 institutional investors across 35 countries as clients. That's some serious traction, right there.

With the crypto market cap projected to hit over $3 trillion by 2025, these guys are poised for some insane growth.

Their CEO, Philippe Bekhaz, is adamant about making XBTO International the go-to partner for institutional investors trying to capitalize on the digital asset revolution.

And with the crew they've assembled, featuring vets from finance and tech, they're definitely ones to watch out for in Bermuda's thriving tech hub.

Okay, check this out - Envision Healthcare is a major player in the healthcare game, and they're excelling when it comes to supporting clinicians' well-being.

These individuals have been around since 1977, but they're constantly innovating and staying ahead of the curve.

What's really impressive is that Envision was recently recognized as a 2024 Wellbeing First Champion by ALL IN: Wellbeing First for Healthcare.

This means they've been verified for not having any intrusive or stigmatizing language about mental health in their credentialing applications. That's a huge deal, as it encourages clinicians to seek help without fear of losing their ability to practice.

Additionally, Envision is also leading the charge in supporting clinicians nationwide.

They've been updating their credentialing applications, working with hospitals and states to follow suit, and enhancing their comprehensive wellness program. They're offering peer-to-peer support, confidential therapy, crisis debriefs, and leadership development.

They're really going all-in to ensure their clinicians have the support they need to provide top-notch care.

Check this out - NuCypher is the real deal when it comes to next-level data security. This startup is straight-up innovating the game with their decentralized encryption system built on blockchain tech.

Founded back in 2015, these guys were cooking up their cutting-edge ideas at the legendary UC Berkeley computer science lab.

Here's the scoop: NuCypher's technology is all about secure data sharing without exposing sensitive info.

They use crazy techniques like proxy re-encryption and threshold cryptography to keep your data locked down tight. Their main gig is the NuCypher Network, an Ethereum-based platform offering encryption and key management services to apps and businesses.

And let's not forget about NuCypher Worklock, which integrates their encryption tech into existing cloud and on-prem setups.

With the encryption software market expected to hit $20.1 billion by 2028, NuCypher is poised to make some serious waves.

As more companies go remote and adopt cloud solutions, their secure data sharing solutions will be a game-changer. Dr. William Thompson, a top cryptographer and NuCypher advisor, calls their decentralized approach to encryption and key management a "game-changer in the cybersecurity space."

Bermuda's tech startup scene is absolutely crushing it, and these top 10 companies are the ones to watch in 2024. This island is a breeding ground for some seriously innovative ideas, thanks to its business-savvy vibe, talented workforce, and prime location.

Here's the scoop - experts are predicting a massive surge in investment and growth for Bermuda's tech ecosystem.

We're talking over $500 million in venture capital by 2026, which is a mind-blowing 300% increase from 2021. That's a ton of cash flowing into existing startups and fueling new ventures, cementing Bermuda as a global tech powerhouse.

Tech professionals should be all over these companies for a few key reasons:

1. Cutting-Edge Innovation: From blockchain solutions to healthcare tech, these startups are pushing boundaries and offering the chance to work on the bleeding edge of technological advancements.
2. Global Impact: Many of these companies have a worldwide reach, with products and services that are transforming industries globally, giving you exposure to international markets and diverse perspectives.
3. Talent Attraction: As these startups continue to grow, they'll be on the hunt for top talent from around the world, offering competitive compensation packages and the opportunity to be part of something truly groundbreaking.

Bermuda's prime location and business-friendly policies make it an appealing destination for tech pros seeking new opportunities.

As Patricia White, Minister of Economy and Labour, put it, "The combination of a highly educated workforce, world-class infrastructure, and a supportive regulatory environment has created the perfect ecosystem for tech startups to thrive."

Bermuda offers extensive government support for tech companies, making it an even more attractive spot for those looking to make their mark in the industry.