A Singapore deal financial resources (VC) company, Foresight Ventures, has opened the Second phase of accelerator applications, focusing on Web 3.0 projects in numerous emerging ecosystems.
On that note, the company recently announced that it would pledge an additional $10 Million towards its Web 3.0 accelerator program.
Foresight Ventures Web 3.0 Acceleration Program
The Foresight Web 3.0 accelerator was 1st launched in November 2022 with an initial financing of $10 Million. During its 1st phase, the accelerator focused on nurturing 30 corporations selected from its Web3-based pool.
Each selected project received an financing ranging from $50,000 to $200,000, supplying them with the necessary financial backing to advance their ideas.
Moving into the Second phase, each selected project will receive a fixed financing of $200,000. The enhanced financial support will enable these startups to develop their products further and scale their operations more effectively.
Along with the increased investment, Foresight Ventures plans to provide guidance and mentorship to the taking part projects.
For this purpose, the company will assign up to 3 mentors and one fund partner to each project. These professionals will offer practical insights, industry knowledge, and strategic advice to assist startups navigate the challenges and opportunities of the Web 3.0 landscape.
Furthermore, upon the conclusion of the accelerator program, Foresight Ventures will organize a Demo Day. This event will serve as a platform for the taking part startups to showcase their accomplishments, progress, and potential to a wide audience of potential investors, industry specialists, and stakeholders.
The Demo Day will allow the projects to win visibility, build connections, and attract further support.
Foresight Ventures Investment Amounts To $20 Million
The past few $10 Million pledge brings Foresight Ventures’ total financing in the Web 3.0 accelerator to $20 Million. This increased funding will strengthen the expansion and development of Web 3.0 projects, driving innovation and technological advancements in areas such as zero-knowledge (ZK) systems, artificial intelligence (AI), machine learning, liquid staking derivatives, Bitcoin, and nonfungible crypto tokens (NFTs).
Since its inception in 2020, Foresight Ventures has raised its VC portfolio Investment Under Management (AUM) to over $400 million.
The major driver of this expansion is its longstanding collaboration with multichain wallet provider, BitKeep, and Singapore-based digital currency exchange, Bitget in March last year.
Foresight Ventures’ Recent Update
Foresight Ventures recently updated on May 16 that it is backing the launch of a Web 3.0 game, “HIM,” which the company believes will revolutionize the gaming industry.
With a unique concept and a focus on a female-oriented audience, HIM combines Artificial Intelligence (AI) and gaming within the Web 3.0 ecosystem.
Players interact with an Artificial Intelligence (AI) boyfriend character, enjoying a personalized and dynamic gaming experience that adapts to their preferences and behaviors.
Featured image from Pixabay and chart from Tradingview.com