Foresight Ventures Doubles Down on Web3
On May 24, Singapore’s Foresight Ventures made waves in the venture capital community by announcing a hefty $10 million pledge to its Foresight X Accelerator. This brings the accelerator’s total funding to a whopping $20 million. Why the sudden injection of funds? Well, they’ve decided to open up the second phase of accelerator applications, and they’re setting their sights on the burgeoning Web3 sector—think AI, machine learning, and all things blockchain.
Accelerator Phase Two: What’s New?
Previously, the accelerator kicked off in November 2022 with a budget of $10 million, focusing on a modest 30 companies within the Web3 ecosystem. In the first phase, investments ranged between $50,000 and $200,000 per venture. In this exciting sequel, Foresight will be upping the ante by allocating up to $200,000 for each selected project. But wait, there’s more! Each project will also benefit from mentorship, with up to three mentors and a fund partner assigned from the firm. That’s a hefty dose of support, folks!
Demo Days and Mentorship: A Hands-On Approach
In a clear effort to not leave startups floundering like a fish out of water, Foresight Ventures will organize a Demo Day at the program’s culmination. This event will give entrepreneurs a platform to showcase their innovations to potential investors, partners, and perhaps the odd curious cat. It’s not every day you get a chance to pitch to earnest mentors who can help refine your ideas—definitely a step up from shouting into the void!
A Little Background on Foresight Ventures
Founded in 2020, Foresight Ventures is no small player in the VC arena, boasting over $400 million in assets under management (AUM)—a figure that has seen explosive growth from just $80 million in 2021. This surge can be attributed to savvy investments, such as acquiring the Singapore-based cryptocurrency exchange Bitget and forming partnerships with multichain wallet provider BitKeep. So, it’s safe to say they know a thing or two about making profitable moves.
Strategic Partnerships and Future Prospects
In June 2022, Foresight launched a capital pool totaling $200 million aimed at aiding crypto projects during volatile market swings. But the fun doesn’t stop there—last month, Foresight linked up with Bitget again to establish a $100 million Web3 fund. This partnership highlights their commitment to supporting the blockchain project spectrum at a global level. Now, if that doesn’t sound like investing for the future, we don’t know what does!
“We are all in #ZKML and we think there is more than just algorithms or data in Web3. We can help connect human, and create emotional value using AI in Web3,” Foresight Ventures proclaimed on social media.
