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VC firm Foresight dares to invest up to $200 million in Web3 startups over 3 years
The Shanghai-based company told Blockworks it will invest in projects focused on expanding Web3, NFT and blockchain infrastructure The emerging company is investing in the primary and secondary markets through equity and digital tokens Crypto venture capital firm Foresight Ventures said it will invest hundreds of millions of dollars in Web3 startups and projects over three years to capture some of the emerging sector's growth. In a statement shared with Blockworks on Wednesday, Foresight said it will provide between $100 million and $200 million in venture capital across a range of crypto assets, NFTs, blockchains and metaverses...
VC firm Foresight dares to invest up to $200 million in Web3 startups over 3 years
- Das in Shanghai ansässige Unternehmen teilte Blockworks mit, dass es in Projekte investieren werde, die sich auf den Ausbau der Web3-, NFT- und Blockchain-Infrastruktur konzentrieren
- Das aufstrebende Unternehmen investiert in den Primär- und Sekundärmarkt durch Eigenkapital sowie digitale Token
Crypto venture capital firm Foresight Ventures said it will invest hundreds of millions of dollars in Web3 startups and projects over three years to capture some of the emerging sector's growth.
In a statement shared with Blockworks on Wednesday, Foresight said it would provide between $100 million and $200 million in venture capital across a range of crypto assets, NFTs, blockchains and metaverses. The company's investment portfolio includes financial services platform Matrixport and metaverse developer Everyrealm, among others Hosted by others emerging Web3-focused companies.
Venture capital continues to flow into the Web3 and Metaverse sector of the crypto industry, having already raised billions of dollars in a relatively short period starting in 2020.
This is despite frothy market conditions have cooled down from a hype cycle that has seen an explosion of investment in everything from providers of NFTs (non-fungible tokens) to virtual worlds seeking to use the new medium to reach new audiences.
Founded in April 2021 and based in Singapore and Shanghai, the company aims to provide additional support for “emerging” projects with “disruptive potential” across its ecosystem.
Binance Labs, Polygon, ChainlinkAvalanche, crypto exchange OKEx and NGC Ventures, among others form part of Foresight's partner ecosystem, which reinforces support for the venture capitalist's selected projects.
“We are at an exciting time in the development of Web3 and related technologies," said Forest Bai, co-founder of Foresight. "We will continue to seek exceptional investment opportunities in this space and support projects that we believe have the potential to become market leaders in their field.
Bai, a former investment banker, added that the company will focus more on “contrarian investment opportunities” and that his company has invested $10 million in the primary crypto market through a simple agreement for future tokens. “At the same time, we have also invested more than $100 million in the crypto secondary market,” Bai said.
When asked about the company's future investment prospects, Bai told Blockworks that Foresight intends to invest in equity with an 80/20 split of crypto assets and will focus on Layer 1 and Layer 2 solutions alongside Web3.
Foresight general partner Tony Cheng, who was previously announced as a TMT investor by Sequoia Capital and 3G Capital, said the firm gave him the opportunity to go deeper into the "Web3 rabbit hole."
“I am particularly interested in crypto infrastructure, scaling solutions and applications that bridge CeFi and DeFi,” said Cheng.
Foresight manages $150 million in assets and says it invests primarily in the primary and secondary markets, both through stocks and digital tokens. The ecosystem also includes crypto exchange Bitget and crypto wallet BitKeep – a top 3 wallet in the region with more than 4 million users, including 200,000 daily active users.
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Post-VC firm Foresight Ventures to Plow Up to $200M in Web3 Startups Over 3 Years is not financial advice.