Web3 accelerator gets $10M boost from Foresight Ventures

Web3 accelerator gets $10M boost from Foresight Ventures


Singaporean venture capital firm Foresight Ventures announces an additional $10 million pledge to its Foresight X Accelerator, which will focus on Web3 projects building in AI, ZK, machine learning, Bitcoin, liquid staking derivatives, and nonfungible token ecosystems.

On May 24, Singaporean deal financial resources company Foresight Ventures announced that it would pledge an extra $10 Million to its Foresight X Accelerator, bringing its total to $20 Million. The move comes as the company opens the Second phase of accelerator applications, which will focus on Web 3.0 projects building in the artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin, liquid staking derivatives, and nonfungible crypto token ecosystems.

Previously, Foresight earmarked $10 Million for its accelerator, which launched last November. In its 1st phase, Foresight focused on 30 corporations from its Web 3.0 project pool, supplying an financing of $50,000 to $200,000. As the accelerator moves into its Second phase, Foresight will allocate $200,000 to each selected project and assign up to 3 mentors and one fund partner from the VC company to provide practical guidance. A Demo Day will likewise be held upon the conclusion of the program.

Established in 2020, Foresight has combined assets under management (AUM) of over $400 Million in its VC portfolio. Its AUM increased significantly compared to $80 Million in 2021 after acquiring Singapore-based digital currency exchange Bitget and signing a limited partnership with multi-chain wallet provider BitKeep.

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In June 2022, the company launched a $200 Million financial resources pool to invest in the private rounds of cryptocurrency projects looking to access liquidity during volatile market conditions. The previous  30 days, the company was one of plenty of VCs to partner with digital currency exchange Bitget for the launch of a $100 Million Web 3.0 fund focused on blockchain tech projects worldwide. 



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