- Foresight X will be Web3 angel partner for cryptocurrency startups.
- The incubator program will select 30 companies to provide $50,000- $200,000 investment.
- Foresight X will accept grant applicants from across the Web3 space at every stage of development.
Crypto investment firm, Foresight Ventures, today announced the launch of Foresight X, an incubator program with $10M allocated to fund innovative Web3 startups. The firm currently has $400 million in assets under management.
Foresight X has partnered with developer hub Gitcoin to share incentives and foster collaborations across the development communities and markets in the East and West.
“We’re extremely excited to be working alongside an amazing partner in Foresight Ventures. The road to true mainstream adoption is a long one, which makes it even better to make sure we’re working alongside organizations trying to see this ecosystem truly thrive. And being able to extend the assistance we can offer towards Asia is a prospect we’re looking forward to executing on together,” said Azeem Khan, Head of Partnerships & Fundraising at Gitcoin.
Foresight X runs three main collaborative programs: Foresight X Incubator, Ecosystem Grants, and Research Grants. The incubator is an 8-week program that will select 30 companies which will receive investments between $50,000- $200,000 together with an exclusive marketing package, mentorship programs, industry-wide demo day, and post-incubation support.
Foresight X Ecosystem Grants is an infinite prize pool, dedicated to providing $5,000 – $10,000 grants to every selected application, while Foresight X Research Grant is an unlimited prize pool for ambitious scholars doing cutting-edge research in the blockchain space.
“As one of the leading crypto VCs based in Asia, we understand very well that bear markets are periods of massive innovation and growth. We are excited to launch Foresight X and put $10M in initiatives behind the innovative projects emerging from the current economic downturn,” said Forest Bai, Co-founder at Foresight Ventures.
Foresight X is focusing on fostering a community of builders and researchers, boosting the development of superior blockchain projects, connecting leading projects with top investors, and helping the ecosystem grow.
Tony Cheng, General Partner at Foresight Ventures, added, “Though we are interested in every facet of the crypto economy, we are particularly interested in projects that offer innovative solutions to help scale our industry for mainstream adoption and have excellent long-term product-fit for the global market.”
It is also collaborating with various industry builders including early-stage investors and incubators like Hack VC, infrastructure tools like Dune Analytics and Bitkeep, developer communities like Tintin, and university blockchain clubs at Berkeley, Stanford, and the University of Southern California.
Foresight X will accept grant applicants from across the Web3 space at every stage of development. The application process will kick off at the end of 2022.
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