Foresight Ventures to Launch Third $10M Accelerator for Blockchain, Web3 Firms
Summary:
Singapore's Foresight Ventures is set to roll out a third $10 million accelerator for blockchain and Web3 firms. The venture capital firm focuses on businesses specializing in artificial intelligence and Bitcoin Ordinals and offers initial funding of $200,000 to $500,000 to qualifying companies. Co-founders also benefit from mentorship and resources within the Foresight startup portfolio. The firm, which recently acquired a crypto media company, encourages blockchain startups to close primary market funding promptly to expedite business expansion.
Foresight Ventures, a venture capital enterprise rooted in Singapore, is set to inaugurate its third $10 million accelerator aiming at blockchain and Web3 companies. As per a proclamation made on December 19, the upcoming $10 million cohort will target businesses honed in on artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. The window for application submission is open until January 15, 2024. Companies that meet the required standards will receive an initial investment ranging from $200,000 to $500,000. Additionally, co-founders will gain access to mentoring, an opportunity to be part of an in-person demo day the following year, and various in-house resources drawn from the Foresight startup portfolio.
"A preselected panel will assess the applications, advancing roughly 20%-40% of them to subsequent interview phases. Initially, 20-minute video interviews will be held, followed by a comprehensive hour-long discussion for final candidate selection," the firm noted.
During a dialogue with Cointelegraph, a spokesperson for Foresight revealed that there has been an observable increase in liquidity in the Web3 venture capital ecosystem, along with a heightened number of deals and financial backing for startups. However, they noted that the overall valuation has not seen a significant rise since startups that endured the bear market are still focused on securing funds promptly.
When questioned about recommendations for co-founders of blockchain startups, the spokesperson suggested the optimal strategy would be to swiftly "close primary market fundraising". They further clarified that while holding out for a more favourable deal might result in a superior valuation, it could also lead to lost time, precious when considering go-to-market strategies, employee recruitment, and business expansion.
"Timing is key for public listings in an optimistic market," the spokesperson added.
On November 13, Foresight procured an 80% ownership of crypto media firm, The Block, for $60 million. Larry Cermak, the CEO of the media company, celebrated the acquisition as a "new beginning", especially considering the crypto market's current dynamic and previous connections with the now-bankrupt cryptocurrency exchange, FTX. It's important to note that in May, Foresight Ventures committed $10 million to its second crypto accelerator, succeeding the first crypto accelerator valued at $10 million, launched in November 2022.
Published At
12/19/2023 3:00:00 PM
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