Introduction:
Foresight Ventures, a Singapore-based venture capital firm, has announced the launch of its third $10 million accelerator program dedicated to blockchain and Web3 companies.
Program Details:
The latest accelerator will focus on startups specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. The application period extends until January 15, 2024, with successful applicants receiving funding between $200,000 and $500,000, alongside mentorship, resources, and participation in an offline demo day.
A discerning panel will evaluate applications, with 20%-40% advancing to interviews. The selection process includes a 20-minute video interview and an hour-long in-depth session.
Market Insights and Advice:
Foresight Ventures noted an increase in liquidity and deals in the Web3 venture capital ecosystem, though average valuations haven't significantly risen. Startups that survived the bear market are advised to quickly close primary market fundraising to focus on market strategies, hiring, and expansion.
Strategic Moves:
This announcement follows Foresight Ventures' acquisition of an 80% stake in the crypto media company The Block for $60 million, marking a fresh start for the media company amidst the evolving crypto market and distancing from previous ties to the now-bankrupt FTX.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.