Venture capital firm Foresight Ventures is expanding its support for blockchain and Web3 innovation with the launch of its third $10 million accelerator program.
Venture capital firm Foresight Ventures is expanding its support for blockchain and Web3 innovation with the launch of its third $10 million accelerator program. According to the December 19 announcement, the upcoming cohort will focus on companies specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. Applications are open until January 15, 2024, and qualifying startups can receive between $200,000 and $500,000 in initial funding.
In addition to financial support, accepted companies will gain access to mentorship, participate in an offline demo day in 2024, and leverage resources from the Foresight portfolio of startups.
The Singapore-based firm highlighted that there is increased liquidity in the Web3 venture capital ecosystem, with more deals and funding for startups. However, the spokesperson noted that the average valuation hasn't seen a significant increase, as startups that survived the bear market are eager to close fundraising quickly. While waiting for a better deal may lead to a higher valuation, it can sacrifice valuable time for go-to-market strategies, hiring, and operational expansion.
Min, Partner at Foresight X, said:
“At Foresight, we steadfastly uphold the belief that the linchpin in entrepreneurship, investment, and incubation lies in ‘people.’ The paramount factor in any incubator or accelerator venture is the collaboration with adept ‘people’ who contribute indispensably to our shared success.”
Foresight Ventures' commitment to the Web3 space is further demonstrated by its recent acquisition of an 80% stake in crypto media company The Block for $60 million. The firm's previous crypto accelerator initiatives include a $10 million accelerator launched in November 2022 and a second $10 million accelerator announced in May 2023.
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