Nikolas Sargeant
Since last year, the venture capital firm has committed $30 million to support the incubation of Web3 startups. Foresight Ventures, a Singapore-based venture capital firm, is set to unveil its third $10 million accelerator to foster blockchain and Web3 enterprises.
As per the announcement on December 19, the third $10 million cohort will specifically target companies specializing in artificial intelligence, Bitcoin Ordinals, and direct-to-consumer protocols. The application window is open until January 15, 2024, with qualifying companies eligible for initial funding ranging from $200,000 to $500,000. Co-founders accepted into the program will benefit from mentorship, the opportunity to participate in an offline demo day next year, and access to various internal resources within Foresight's portfolio of startups.
The firm outlined its rigorous selection process, where a discerning panel will review applications, with an estimated 20%-40% progressing to subsequent interviews. Video interviews lasting around 20 minutes will be followed by an hour-long, in-depth exploration for the final selection.
In a conversation with Cointelegraph, a Foresight spokesperson noted an increase in liquidity within the Web3 venture capital ecosystem, leading to a surge in deals and funding for startups. Despite this, the spokesperson mentioned that the average valuation hasn't seen a significant rise, as startups that weathered the bear market are eager to expedite fundraising.
When asked for advice for blockchain startup co-founders, the spokesperson emphasized the importance of closing primary market fundraising quickly. They highlighted that while waiting for a better deal might result in a higher valuation, it could mean sacrificing valuable time for crucial activities like go-to-market strategies, hiring, and operational expansion. The spokesperson concluded by stressing the significance of timing in pursuing public listings during a bullish market.
On November 13, Foresight acquired an 80% stake in the crypto media company The Block for $60 million. The acquisition was considered a "fresh start" by The Block's CEO, Larry Cermak, amidst the ongoing thaw in the crypto market and the company's prior association with the bankrupt cryptocurrency exchange FTX. Foresight Ventures had previously pledged $10 million to its second crypto accelerator in May, following the announcement of the first $10 million crypto accelerator in November 2022.
