Last updated on May 31st, 2023 at 04:09 pm
Foresight Ventures, a Singapore-based venture capital firm, has announced its commitment to invest an additional $10 million into its Foresight X Accelerator program. This brings the total funding for the accelerator to $20 million. The decision comes alongside the launch of the second round of applications for the accelerator, with a specific focus on Web3 projects that incorporate artificial intelligence (AI), zero-knowledge (ZK) machine learning, liquid staking derivatives for Bitcoin, and non-fungible tokens (NFTs).
Before November 2022, Foresight allocated a $10 million fund for the accelerator program. In the program’s first phase, the firm selected 30 companies from its Web3 project pool and invested between $50,000 and $200,000 in each of them. As the accelerator enters its second phase, Foresight plans to allocate $200,000 to each selected initiative.
In addition to financial support, Foresight Ventures will provide up to three mentors and one fund partner from its venture capital team to offer guidance and advice to the participants. Upon completion of the program, a Demo Day will be organized to showcase the progress and achievements of the companies involved.
Since its establishment in 2020, Foresight Ventures has witnessed substantial growth in its assets under management (AUM) in its venture capital portfolio. The AUM has exceeded $400 million, up from $80 million in 2021. In June 2022, Foresight set up a capital pool of $200 million specifically dedicated to investing in private rounds of cryptocurrency companies. This initiative was designed to support these companies during periods of market volatility and uncertainty.
Foresight recently partnered with Bitget to establish a $100 million Web3 fund dedicated to supporting global blockchain initiatives. With this collaboration, Foresight Ventures joins other venture capital firms that have undertaken similar initiatives.
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