Quick take:
- Foresight Ventures has pledged an additional $10 million to its web3 accelerator program.
- The Singapore-based VC said the fund will invest up to $200,000 in promising blockchain projects.
- The company has now pledged a total of $20 million for the Foresight X Accelerator.
Foresight Ventures has doubled its Web3 Accelerator fund to $20 million. The Singapore-based venture capital firm said on Wednesday that it is pledging an additional $10 million to Foresight X Accelerator to invest in blockchain projects it deems promising.
The announcement comes just as the company commences the second round of applications. Foresight said the second cohort will be comprised of mainly Web3 projects building in artificial intelligence (AI), zero-knowledge (ZK), machine learning, NFT ecosystems, bitcoin blockchain and liquid staking derivatives.
The company announced the inaugural $10 million accelerator in November 2022, with the find investing $50,000 to $200,000 in 30 web3 startups. The company said it will invest up to $200,000 in selected projects during the second phase of the accelerator.
Foresight joined several web3 venture capital firms during the crypto exchange platform Bitget’s $100 million fundraising announced last month.
The company was co-founded by Forest Bai in 2020. It has since grown from an AUM of about $80 million in 2021 to a portfolio of $400 million in assets under management. The rapid growth was partly down to its acquisition of the Singaporean crypto exchange company Bitget.
Last June, Foresight launched a $200 million capital pool to invest in liquid tokens and early-stage web3 projects looking to access liquidity. In August 2022, it began putting the funds into use investing in mobile free-to-play-and-earn game developer and publisher Xterio’s $40 million round.
In October, it joined EOS Network’s alliance to establish the “Venture Capital Alliance of Busan Blockchain (VCABB)” in the Korean industrial city of Busan.
Foresight also joined Micrrosoft’s M12 Fund, Framework Ventures and Hashkey, among others in Space and Time’s $20 million fundraising for its decentralised data warehouse that connects on-chain and off-chain in a trustless environment.
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