Quick take:
- The fund aims to support utility-focused dApps.
- There is also an accelerator program that’s investing in 10 startups per cohort.
- The first accelerator cohort is expected to be completed in late December.
Copenhagen-based Layer Three Ventures and its strategic and ecosystem partners Near Nordic, Klint, and Growth Secrets have announced a new $30 million Web3 fund that will support startups that are building utility-focused dApps at the pre-seed stage.
This new Web3 venture fund takes a customised approach to sourcing, supporting, launching, and funding the next generation of Web3 startups through an accelerator program.
Funding for Layer Three Ventures is allocated towards running two 12-week accelerator programs, supporting staff, and investing in 10 startups per cohort. The accelerator program includes 80 modules covering everything from growth-hacking to blockchain UI/UX, a tailored approach to building, launching, and scaling Web3 startups, $100,000 in startup resources, and cccess to expert advisors and mentors.
Applications are now open for startups who wish to participate in the accelerator program, while investors can still participate in the first funding round of Layer Three Ventures with limited partner tickets available starting at $1 million. After finalising the limited partners this summer, the first accelerator cohort is expected to be completed in late December this year.
“There’s a largely underserved market. Prior to the recent crash, Layer 1 blockchains accounted for 78% of all blockchain revenue. This suggests that the majority of investment and revenue is still speculative in nature,” says Taylor Ryan, Founder of Layer Three Ventures. “The infrastructure exists. It’s like having roads but nobody has built the cars yet. The startups that get it right will become the next generation of unicorns.”
Several venture capital firms have launched Web3 funds over the last few weeks despite the market downturn as they seek to capitalise on having the early mover advantage when the market bounces back.
Many of the most recognisable names in venture capital are allocating funds for future investment. For instance, Andreessen Horowitz recently announced a $4.5 billion Crypto Fund, its fourth while Solana Ventures and Binance Labs have each launched their own Web3 funds.
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