Doubling Down on Web3
Singaporean venture capital firm, Foresight Ventures, announced on May 24, 2023, that it is doubling its commitment to its Foresight X Accelerator by pledging an additional $10 million. This move now brings the total financial backing to a whopping $20 million as the firm enters the second phase of its accelerator program. This phase will particularly target promising Web3 projects operating in AI, ZK, machine learning, Bitcoin, liquid staking derivatives, and nonfungible token ecosystems.
A Strong Start for Foresight X Accelerator
The Foresight X Accelerator was initially launched in November 2022 with $10 million in seed funding. During its inaugural phase, the accelerator identified and backed 30 potential companies from its Web3 project pool, investing between $50,000 to $200,000 in each. As the accelerator transitions into its second phase, Foresight Ventures plans to assign $200,000 to each chosen project, and allocate up to three mentors and one fund partner from the VC firm to provide hands-on support and guidance.
A Growing Foothold in the Crypto Space
Founded just in 2020, Foresight Ventures has already established a significant presence in the VC world with an impressive AUM of over $400 million – a substantial growth from $80 million in 2021. This impressive surge is attributed to strategic decisions like acquiring Singapore-based cryptocurrency exchange Bitget and establishing a partnership with multi-chain wallet provider BitKeep.
Supporting Crypto Projects
In addition to its accelerator program, Foresight has actively involved itself in crypto projects. In June 2022, it launched a $200 million capital pool to aid private round crypto projects seeking liquidity during unstable market conditions. Furthermore, the VC firm partnered with Bitget last month to launch a $100 million Web3 fund, aimed at fostering blockchain projects globally. This renewed pledge to its accelerator program reaffirms Foresight Ventures’ commitment to driving forward Web3 innovation.
Foresight Ventures continues to demonstrate its unwavering commitment to Web3 and blockchain innovation with this latest pledge. By doubling the funding for its accelerator program, the firm is positioning itself as a vital player in the blockchain and cryptocurrency space. Through targeted funding, strategic partnerships, and the provision of expert guidance, Foresight Ventures is forging a promising path for the future of Web3 projects worldwide.