Foresight Ventures launches 3rd $10M crypto accelerator following blockchain deal

Singapore-based venture capital firm Foresight Ventures is launching its third $10 million accelerator for blockchain and Web3 companies.

According to the December 19 announcement, the third round of $10 million will focus on companies focused on artificial intelligence, Bitcoin Ordinals and direct-to-consumer protocols. The application period runs through January 15, 2024, and eligible companies will receive $200,000 to $500,000 in initial funding. Co-founders will receive mentor guidance, an opportunity to attend next year's offline demo day, and a variety of insider resources on their startup vision portfolio.

“A discerning panel will evaluate applications with 20%-40% advancing to subsequent interviews. 20-minute video interviews will be conducted, followed by an hour-long in-depth search for final selection,” he wrote.

In a conversation with Cointelegraph, a Foresight spokesperson said the company has seen more liquidity in the Web3 venture capital ecosystem, with an increase in the number of startup deals and grants. “However, the average valuation has not increased significantly as startups that survived the bear market are still eager to close fundraising quickly,” the spokesperson said.

When asked if he had any advice for co-founders of blockchain startups, the spokesperson said the best way is to “close early stage fundraising quickly.” He also explained that waiting for a better deal would lead to higher expectations, “sacrificing valuable time for go-to-market strategies, recruitment and expansion.”

“Time is critical for public details in a bull market,” the spokesman said.

In the year On November 13, Foresight bought an 80% stake in crypto media company The Block for $60 million. The media company's CEO, Larry Cermak, hailed the acquisition as a “new beginning” given the ongoing volatility of the crypto market and its ties to previously 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 creativity' is driving funding away from crypto