Foresight Ventures Introduces Third $10M Crypto Accelerator After The Block Partnership

Over the past year, the venture capital firm has committed $30 million to support the incubation of Web3 startups

"Singapore's Foresight Ventures Launches $10 Million Accelerator for Blockchain and Web3 Startups"

Foresight Ventures, a prominent Singapore-based venture capital firm, is set to launch its third $10 million accelerator program dedicated to blockchain and Web3 companies. The latest cohort, as announced on December 19, will specifically target businesses specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols.

Interested companies have until January 15, 2024, to apply for this program, with qualified participants securing initial funding ranging from $200,000 to $500,000. Co-founders will benefit from mentorship, participation in an offline demo day scheduled for the next year, and access to various resources within Foresight's startup portfolio.

Foresight Ventures employs a rigorous selection process, where a discerning panel evaluates applications, and around 20%-40% of applicants advance to subsequent interviews. Video interviews lasting approximately 20 minutes will be conducted, followed by an in-depth hour-long exploration to finalize selections.

In conversation with Cointelegraph, a Foresight spokesperson noted increased liquidity in the Web3 venture capital ecosystem, resulting in a surge in deals and funding for startups. However, they emphasized that average valuations have not seen significant growth, as many surviving startups from the bear market are eager to secure funding quickly.

Offering advice to blockchain startup co-founders, the spokesperson stressed the importance of closing primary market fundraising promptly. Waiting for better deals might lead to higher valuations but can hinder crucial go-to-market strategies, hiring, and operational expansion. Timing is deemed crucial for public listings during a bullish market.

Notably, on November 13, Foresight Ventures acquired an 80% stake in crypto media company The Block for $60 million, marking a fresh start for the media company. This move followed Foresight Ventures' pledge of $10 million to its second crypto accelerator in May, following the initial $10 million crypto accelerator announced in November 2022.

Dec 19, 2023