Foresight Ventures, a leading venture capital firm, is stepping up its backing for blockchain and Web3 innovation by rolling out its third $10 million accelerator program. In an announcement on December 19, the firm revealed that its forthcoming cohort would prioritize companies specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. The application window remains open until January 15, 2024, offering qualifying startups the chance to secure initial funding ranging from $200,000 to $500,000.
Accepted firms will not only benefit from financial backing but will also gain access to mentorship, participation in an offline demo day slated for 2024, and the opportunity to tap into the resources within Foresight’s portfolio of startups.
The Singapore-based firm underscored the burgeoning liquidity within the Web3 venture capital landscape, signaling increased deal flow and funding for startups. Despite this surge, the spokesperson highlighted that average valuations haven’t seen significant spikes. Surviving startups from the bear market are eager to swiftly secure funding, potentially foregoing the opportunity for a higher valuation while risking crucial time needed for go-to-market strategies, team expansion, and operational growth.
Foresight Ventures’ deepened commitment to the Web3 sphere is underscored by its recent acquisition of an 80% stake in The Block, a crypto media company, for $60 million. The firm’s track record in crypto accelerator initiatives includes the launch of a $10 million accelerator in November 2022 and the announcement of a second $10 million accelerator in May 2023.
