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Foresight Ventures pledges additional $10M for Web3 accelerator

The venture capital firm will allocate up to $200,000 to blockchain projects that it deems promising.

On May 24, Singaporean venture capital firm Foresight Ventures announced that it would pledge an additional $10 million to its Foresight X Accelerator, bringing its total to $20 million. The move comes as the firm opens the second phase of accelerator applications, which will focus on Web3 projects building in the artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin (BTC), liquid staking derivatives, and nonfungible token ecosystems.

Previously, Foresight earmarked $10 million for its accelerator, which launched last November. In its first phase, Foresight focused on 30 companies from its Web3 project pool, providing an investment of $50,000 to $200,000. As the accelerator moves into its second phase, Foresight will allocate $200,000 to each selected project and assign up to three mentors and one fund partner from the VC firm to provide practical guidance. A Demo Day will also be held upon the conclusion of the program.

Founded in 2020, Foresight has combined assets under management (AUM) of over $400 million in its VC portfolio. Its AUM increased significantly compared to $80 million in 2021 after acquiring Singapore-based cryptocurrency exchange Bitget and signing a limited partnership with multi-chain wallet provider BitKeep.

In June 2022, the company launched a $200 million capital pool to invest in the private rounds of crypto projects looking to access liquidity during volatile market conditions. Last month, the firm was one of several VCs to partner with cryptocurrency exchange Bitget for the launch of a $100 million Web3 fund focused on blockchain projects worldwide. 

Magazine: The risks and benefits of VCs for crypto communities

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