Singapore’s Foresight Ventures has committed $30 million for Web3 startup incubation since last year, launching a third $10 million accelerator. The new cohort, open for applications until Jan. 15, 2024, focuses on AI, Bitcoin Ordinals, and D2C protocols.
Qualifying companies can receive $200,000 to $500,000 in initial funding, mentorship, offline demo day participation, and access to internal resources. Foresight notes increased liquidity in the Web3 VC ecosystem but emphasizes the importance of closing fundraising promptly for startups surviving the bear market. A discerning panel will assess applications, with 20%-40% progressing to subsequent interviews.
A Foresight spokesperson highlights the stable valuations of surviving startups, urging founders to prioritize primary market fundraising for faster go-to-market strategies. The spokesperson underscores the critical timing for public listings during a bullish market.
Foresight’s recent acquisition involves an 80% stake in crypto media firm The Block for $60 million, described as a “fresh start” amid market shifts. The media company’s CEO, Larry Cermak, sees this as an opportunity amid prior ties to bankrupt exchange FTX. Foresight had earlier pledged $10 million to its second crypto accelerator in May and initiated the first $10 million crypto accelerator in November 2022.
The venture capital firm continues to actively support the growth of blockchain and Web3 startups, offering substantial funding, mentorship, and resources to drive innovation in the evolving space.
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