Binance Labs Invests in Seven Startups from Incubation Season 6 Program
Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has made investments in seven startups as part of its incubation season 6 program. The startups include Ethena Labs, Derivio, Shogun, UXUY, Cellula, NFPrompt, and QnA3. The specific investment amounts were not disclosed by Binance Labs.
The Conclusion of Season 6 Program
Binance Labs has concluded its season 6 program that began in December. Initially, the program included 12 startups but ultimately invested in only seven. According to a spokesperson from Binance Labs, the firm does not invest in all the startups it incubates. The incubation program is designed to support founders and investments are not guaranteed.
Looking Ahead to Season 7
Binance Labs is preparing to launch its season 7 program soon and is actively seeking forward-thinking founders of early-stage projects to join the program. The application process will be open on a rolling basis. Binance Labs receives a significant number of project applications for its incubation programs. For season 6 alone, they received “hundreds” of applications and selected around 3% of them.
Increasing Investment Activity
Binance Labs has been increasing its investment activity recently. In addition to the seven startups from season 6, they have also backed Bitcoin staking protocol Babylon and Ethereum restaking protocols Renzo and Puffer Finance this year.
The Repayment of Undeployed Capital
Last year, Binance Labs closed a $500 million fund, accepting external capital for the first time. However, they began returning undeployed capital to Limited Partners (LPs). The LPs initially invested a total of $150 million in the fund, and Binance Labs has repaid close to half of that amount.
Hot Take: Binance Labs Continues to Support and Invest in Promising Startups
Binance Labs, the venture capital and incubation arm of Binance, has recently announced investments in seven startups as part of its season 6 program. This program aims to support early-stage projects and provide them with the necessary resources to succeed in the crypto industry. By investing in these startups, Binance Labs is demonstrating its commitment to fostering innovation and driving the growth of the crypto ecosystem.
The conclusion of the season 6 program marks another successful round of incubation for Binance Labs. While not all startups that participate in the program receive investments, those that do can benefit from both financial support and guidance from experienced professionals. This highlights Binance Labs’ dedication to supporting founders and helping them navigate the challenges of building a successful crypto startup.
Looking ahead, Binance Labs is preparing for its season 7 program, actively seeking visionary founders who are working on groundbreaking projects. The application process will be open on an ongoing basis, allowing promising startups to join the program whenever they are ready. With a rigorous selection process, Binance Labs ensures that only the most promising projects are chosen for incubation.
Binance Labs’ increased investment activity is further evidence of its commitment to supporting innovative projects in the crypto space. By backing Bitcoin staking protocol Babylon and Ethereum restaking protocols Renzo and Puffer Finance, Binance Labs is contributing to the development of new solutions that enhance the functionality and utility of cryptocurrencies.
In addition to its investment activities, Binance Labs has also taken steps to return undeployed capital to its Limited Partners. This demonstrates the transparency and responsible management of funds by Binance Labs, ensuring that investors’ capital is utilized effectively.
Overall, Binance Labs continues to play a vital role in the growth and development of the crypto industry. By providing support, guidance, and investments to promising startups, Binance Labs is driving innovation and fostering the creation of new solutions that have the potential to revolutionize various aspects of the crypto ecosystem.
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