Singapore-based venture capital firm Foresight Ventures will launch a third $10 million accelerator for blockchain and Web3 firms.
According to a Dec. 19 announcement, the third $10 million cohort will focus on companies specializing in artificial intelligence, Bitcoin Ordinals and direct-to-consumer protocols. The application period will last until Jan. 15, 2024, with qualifying companies receiving between $200,000 and $500,000 in initial funding. Co-founders will also receive mentor guidance, a chance to participate in an offline demo day next year, and various internal resources in the Foresight portfolio of startups.
“A discerning panel will evaluate applications, with approximately 20%-40% advancing to subsequent interviews. Video interviews, lasting around 20 minutes, will be conducted, followed by an hour-long in-depth exploration for final selection,” the firm wrote.
In a conversation with Cointelegraph, a Foresight spokesperson said that the company has witnessed more liquidity in the Web3 venture capital ecosystem, with a surge in the number of deals and funding for startups. “However, the average valuation hasn’t increased significantly, as startups that survived the bear market are still eager to close fundraising promptly,” the spokesperson stated.
When asked whether they had any advice for blockchain startup co-founders, the spokesperson said the best route is to “close primary market fundraising quickly.” They also explained that while waiting for a better deal may lead to a higher valuation, it means sacrificing “precious time for go-to-market strategies, hiring and operational expansion.”
“Timing is crucial for public listings in a bull market,” the spokesperson concluded.
On Nov. 13, Foresight purchased an 80% stake in crypto media company The Block for $60 million. The media company’s CEO, Larry Cermak, hailed the acquisition as a “fresh start” amid the ongoing crypto market thaw and its previous ties to bankrupt cryptocurrency exchange FTX. In May, Foresight Ventures pledged $10 million to its second crypto accelerator, following the first $10 million crypto accelerator announced in November 2022.
Related: Venture capital exec says ‘lack of innovation’ drives funding away from crypto
