Foresight Ventures to Allocate Resources to Blockchain Projects
Venture capital firm Foresight Ventures has announced that it will allocate up to $200,000 to blockchain projects it believes to be promising.
Singapore-based venture capital firm, Foresight X Accelerator announced that it will donate another $10 million to its program, raising it to a total of $20 million. The move coincided with the second phase of the firm’s accelerator application, which will focus on Web3 projects built on artificial intelligence, zero-knowledge, machine learning, Bitcoin liquid staking derivatives and NFT ecosystems.
30 companies were invested in the first phase
Foresight previously committed $10 million for the accelerator program launched in November 2022.
The company invested between $50,000 and $200,000 in the first phase, focusing on 30 companies from the Web3 project pool. With the start of the second phase of the accelerator, Foresight said it will allocate $200,000 to each selected project and appoint up to three mentors and a funding partner from the VC firm to provide practical guidance. In addition, it was underlined that a demo day will be held after the completion of the program.
Established in 2020 Foresight‘s VC portfolio has over $400 million in combined assets under management (AUM). These holdings of the company have increased significantly following its acquisition of Bitget and partnering with multi-chain wallet provider BitKeep.
The company announced last month to launch its $100 million Web3 fund focused on blockchain projects around the world. Bitget He was one of several VCs to partner with.