Web3 startups flock to accelerators as crypto enthusiasm surges

Some Web3 startups are turning to accelerator programs as crypto enters a new bull market and investors look to get involved in the

Accelerator programs offer mentorship and guidance in return for early equity. For example, United States-based Y Combinator counts several crypto firms, such as Coinbase and OpenSea, among its alumni.

On March 26, Andreessen Horowitz (a16z) revealed the lineup for its spring 2024 crypto startup accelerator. The 25 startups will undergo a 10-week mentorship program in London led by the a16z crypto team.

Operating partner Jason Rosenthal shared a list featuring projects including Farcaster infrastructure, decentralized food delivery and zero-knowledge passport authentication. Startups in a16z’s accelerator get $500,000 from the firm in exchange for 7% equity. Alumni include Flashbots and Phantom.

On Nov. 9, 2023, the Avalanche Foundation and Ava Labs introduced the first group of startups in its accelerator, Codebase. The program will see investments ranging from $500,000 to $1 million for startups.

Investment activity in Web3 gaming has also steadily increased recently. 0G Labs closed a $35 million pre-seed funding round on March 25, with participation from over 40 crypto-native institutions, including Hack VC and the Blockchain Builders Fund.

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Apr-1-2024 07:16:05 AM