Sanctor Capital and Press Start Capital join forces to back 100 Web3 founders.
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Blockchain-focused investment firm, Sanctor Capital and web3 capital firm Press Start Capital today announced their partnership to launch a multi-player fellowship, a novel pre-accelerator program targeting hyper-early-stage web3 founders. The program is set to support 100 groups over the next 18 months, with 8 week groups starting in February.
The program offers a $50,000 SAFE (Simple Agreement for Future Equity) investment, mentorship from industry leaders and a community of founders at no program fee. Notable mentors from previous programs include Arthur Hayes (BitMEX Co-Founder), Kevin Lin (Twitch, Metatheory Co-Founder), Justin Waldron (Zynga, Storyverse Co-Founder) and Luca Netz (Pudgy Penguins CEO).
“The current landscape of Web3 startups doesn't provide enough mentoring and operational support for developers to make the jump from hackathon participation to top accelerators,” said Han Cao, founder of Sanctor Capital.
The new multiplayer alliance builds on the success of PressStart's previous alliance programs. Half of previous alliance graduates have joined top accelerators such as Alliance DAO, a16z Crypto Startup School and SPEEDRUN, Binance Labs and Y Combinator.
“The bar for high-velocity growth has become increasingly high, creating a ‘valley of death' that many founders don't survive,” said Steven Chin, founder of PressStart Capital.
The collaboration between the two capital companies is expected to enhance networking, resources and investment opportunities for the participants of the Multi-Player Fellowship. The 8-week program culminates in a trial day where the teams pitch to startup managers, VC funds and angel investors.
“The team at PressStart has been incredibly hands-on. Without the support, advice and input from PressStart, we would not be where we are today,” said Ray Song, founder of BBBox and PressStart Fellowship alum.
Press Start Capital has been a pioneer in the pre-acceleration space since Bear Market 2022, and Sanctor Capital has been actively supporting Web3 founders since its inception in 2021.
Interested teams have until February 9 to apply for the next joint team.
Disclosure: Some investors in Crypto Briefing are also investors in Sanctor Capital.
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