Venture capital firm Foresight Ventures is expanding its backing for blockchain and Web3 innovation by initiating its third $10 million accelerator program, as announced on December 19. This upcoming cohort will concentrate on startups specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. The application window remains open until January 15, 2024, offering qualifying startups initial funding ranging from $200,000 to $500,000.
Accepted companies will not only benefit from financial support but will also gain mentorship, engagement in an offline demo day in 2024, and access to resources from Foresight’s startup portfolio.
While noting an increase in liquidity in the Web3 venture capital ecosystem and a surge in deals and funding for startups, the Singapore-based firm pointed out that average valuations have not experienced significant growth. Surviving startups from the bear market are eager to swiftly secure funding, potentially impacting valuation. Balancing a higher valuation against the need for expeditious fundraising can impact crucial strategies like go-to-market plans, hiring, and operational expansion.
Foresight Ventures’ dedication to the Web3 sphere is evidenced by its recent acquisition, securing an 80% stake in crypto media company The Block for $60 million. This move follows the firm’s prior crypto accelerator initiatives, which included a $10 million accelerator launch in November 2022 and the announcement of a second $10 million accelerator in May 2023.
