Foresight Ventures, a Singapore-based venture capital firm, announced the launch of its third $10 million accelerator dedicated to blockchain and Web3 companies. As per the announcement on December 19, this new funding round will concentrate on businesses that are focused on artificial intelligence, Bitcoin serialization, and direct-to-consumer protocols. The application period is open until January 15, 2024. Selected companies will receive an initial investment ranging from $200,000 to $500,000. Alongside financial backing, co-founders will benefit from mentorship, an opportunity to participate in an in-person demo day next year, and access to various resources from Foresight’s extensive startup portfolio.
A meticulous selection process will be implemented for this accelerator. Foresight stated that a specialized panel will review applications, with an estimated 20%-40% of applicants progressing to the interview stage. This will involve a 20-minute video interview, followed by an in-depth, hour-long discussion to finalize the selections.
A representative from Foresight mentioned the increasing liquidity and deal flow in the Web3 venture capital sector. Despite this, the average valuations of startups have not seen a significant increase, mainly because those that have weathered the bear market are looking to finalize financing swiftly.
The Foresight spokesperson also shared insights for co-founders of blockchain startups, emphasizing the importance of quickly securing primary market financing. They pointed out that while holding out for better terms could potentially lead to a higher valuation, it would also mean losing precious time needed for market strategy development, recruitment, and operational growth. “The timing of listings in a bull market is crucial,” they added.
Foresight's commitment to the blockchain and cryptocurrency sector was underscored by their acquisition of a majority stake in The Block, a crypto media company, for $60 million on November 13. This move, celebrated by The Block’s CEO Larry Cermak as a new beginning in the evolving crypto market landscape, followed Foresight's investment in their second $10 million crypto accelerator in May, succeeding their first such initiative in November 2022.
