Singaporean venture capital firm Foresight Ventures has decided to pledge an additional $10 million to its Foresight X Accelerator, bringing the total investment pool to $20 million. The move comes as the firm opens the second phase of accelerator applications, with a particular emphasis on Web3 projects that are building in the artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin (BTC), liquid staking derivatives, and non-fungible token (NFT) ecosystems, media reports said.
Initially, Foresight had set aside $10 million for its accelerator, which launched in November 2022. During the first phase, Foresight focused on selecting 30 companies from its Web3 project pool, providing investments ranging from $50,000 to $200,000.
As the accelerator moves into its second phase, Foresight plans to allocate $200,000 to each selected project. Additionally, the firm will assign up to three mentors and one fund partner from its venture capital team to offer practical guidance and support. A Demo Day will also be organized upon the program’s conclusion, allowing participants to showcase their progress and attract further investments.
Founded in 2020, Foresight Ventures has quickly emerged as a prominent player in the venture capital space, boasting combined assets under management (AUM) of over $400 million in its VC portfolio.
The firm has experienced substantial growth since its $80 million AUM in 2021, partly driven by its acquisition of Singapore-based cryptocurrency exchange Bitget and a limited partnership agreement with multichain wallet provider BitKeep.
In June 2022, Foresight launched a $200 million capital pool designed to invest in the private rounds of crypto projects, offering liquidity solutions during volatile market conditions. Recently, the firm joined forces with cryptocurrency exchange Bitget and several other venture capital firms to establish a $100 million Web3 fund, focusing on blockchain projects globally.
The decision to double the investment amount in Foresight X Accelerator reflects Foresight Ventures’ commitment to nurturing and supporting innovative projects in the Web3 space.
Foresight Ventures aims to identify and foster promising startups that can drive advancements and breakthroughs in these areas with a strong focus on emerging technologies like AI, ZK, machine learning, BTC, and NFTs.
Entrepreneurs and developers in the Web3 ecosystem now have an increased opportunity to access substantial funding, mentorship, and strategic guidance through Foresight X Accelerator.
The expanded accelerator program will contribute to the growth of individual projects and strengthen the overall development and adoption of Web3 technologies, positioning Singapore as a hub for innovation in the blockchain and cryptocurrency sectors.