A Singapore venture capital (VC) company, Foresight Ventures, has opened the second phase of accelerator applications, focusing on Web3 projects in various emerging ecosystems.
On that note, the company recently announced that it would pledge an extra $10 million towards its Web3 accelerator program.
Foresight Ventures Web3 Acceleration Program
The Foresight Web3 accelerator was first launched in November 2022 with an initial investment of $10 million. During its first phase, the accelerator focused on nurturing 30 companies selected from its Web3-based pool.
Each selected project received an investment ranging from $50,000 to $200,000, providing them with the necessary financial backing to advance their ideas.
Moving into the second phase, each selected project will receive a fixed investment of $200,000. The enhanced financial support will enable these startups to develop their products further and scale their operations more effectively.
In addition to the increased investment, Foresight Ventures intends to provide guidance and mentorship to the participating projects.
For this purpose, the firm will assign up to three mentors and one fund partner to each project. These professionals will offer practical insights, industry knowledge, and strategic advice to help startups navigate the challenges and opportunities of the Web3 landscape.
Furthermore, upon the conclusion of the accelerator program, Foresight Ventures will organize a Demo Day. This event will serve as a platform for the participating startups to showcase their accomplishments, progress, and potential to a wide audience of potential investors, industry experts, and stakeholders.
The Demo Day will allow the projects to gain visibility, build connections, and attract further support.
Foresight Ventures Investment Amounts To $20 Million
The recent $10 million pledge brings Foresight Ventures’ total investment in the Web3 accelerator to $20 million. This increased funding will strengthen the growth and development of Web3 projects, driving innovation and technological advancements in areas such as zero-knowledge (ZK) systems, artificial intelligence (AI), machine learning, liquid staking derivatives, Bitcoin, and nonfungible tokens (NFTs).
Since its inception in 2020, Foresight Ventures has raised its VC portfolio Asset Under Management (AUM) to over $400 million.
The major driver of this expansion is its long-term collaboration with multichain wallet provider, BitKeep, and Singapore-based cryptocurrency exchange, Bitget in March last year.
Foresight Ventures’ Recent Update
Foresight Ventures recently updated on May 16 that it is backing the launch of a Web3 game, “HIM,” which the firm believes will revolutionize the gaming industry.
With a unique concept and a focus on a female-oriented audience, HIM combines AI and gaming within the Web3 ecosystem.
Players interact with an AI boyfriend character, enjoying a personalized and dynamic gaming experience that adapts to their preferences and behaviors.
Featured image from Pixabay and chart from Tradingview.com
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Author: Eli Dambel
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