Foresight Ventures pumps another $10 million into Web3 Accelerator

The Singapore-based web3 VC firm is pledging a further $10 million for Foresight X Accelerator to invest in promising blockchain projects

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.

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