CDS Startups Foresight Ventures Launches $10 Million Web3 Startup Fund
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Foresight Ventures Launches $10 Million Web3 Startup Fund

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Foresight Ventures Launches $10 Million Web3 Startup Fund
Foresight Ventures Launches $10 Million Web3 Startup Fund

Singapore-based crypto fund Foresight Ventures will launch a new incubation program to support the development of promising blockchain projects in the global market.

About Foresight Ventures and Its New Project

Crypto fund Foresight Ventures, with $400M in assets under management, is launching a new incubation program called Foresight X. The program will invest $10 million in three different Web3 projects.

The two programs have unlimited ecosystem pools and research grants available. The third program will be an eight-week incubation program with up to $200,000 in funding for 50 early-stage projects or startups. Gitcoin, a crowdfunding platform, will partner with FV and share incentives to create new collaborations and mentorships.

Foresight Ventures general partner Tony Cheng said in a press release, “We are particularly interested in projects that offer solutions to help scale [the crypto] industry for mainstream adoption ”  The grant application process is expected to be opened to new applications at the end of this year.

Web3 financing was generally trending downwards even before the FTX scandal that stunned the whole world. According to data from Crunchbase, approximately $3.3 billion in startup funding was provided to projects in the third quarter of this year, a decrease of about 50% compared to the second quarter. In 2021, approximately $9.3 billion was invested in the last quarter of the year.

Despite dozens of recent scandals, Foresight Ventures sees this period as an opportunity to build. “We understand very well that bear markets are periods of massive innovation and growth,” Co-founder of Foresight, Bai said in a press release. In order to “accelerate” the development of the crypto industry, projects will be supported by the program, no matter at what stage of its roadmap.

Foresight Ventures, founded in 2020, has invested in Web3, gratuitous token, gaming and DeFi projects. Last year, assets under management increased from $80 million to $400 million following FV’s acquisition of Singapore-based exchange and trading platform BitGet and forming a limited partnership with BitKeep, a multi-chain digital wallet in Asia. FV launched its first incubation program during CoinDesk’s Consensus 2022 in Austin, Texas. The company is also a sponsor of the Bitcoin Miami conference. 

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Written by
yagiz

Yağız became interested in finance while studying international relations at Osmangazi University in 2014. He met blockchain technology in 2020 and never looked back. He is currently trying to participate in all blockchain events held in his region and develop himself in the field of blockchain.

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