Ignite puts up US$ 150 million fund to invest in Web3 startups
Ignite Accelerator announced it has opened applications for the first round of applications on Tuesday, backed by their core development team within the Cosmos blockchain ecosystem. The new fund is put up with an initial commitment of US$150 million to accelerate the time-to-market for startups developing early stage blockchain interoperability and sovereign blockchain projects.
The fund “ensures that individuals who would like to be part of building an open and decentralized global future are set up for success,” said Ignite CEO Peng Zhong in a statement.
Ignite Accelerator will support 20 projects every year for six months across two cohorts. Successful applicants will aim to launch a successful mainnet within 12 months. The first project is scheduled to begin in June this year.
Ignite Accelerator aims to support up to 20 projects per year with semiannual cohorts of six months, the first slated for June. Successful applicants stand to gain access to capital, but also “hands-on guidance in key areas like blockchain development, marketing, [public relations] and tokenomics,” the statement said.
Successful applicants will receive funding and practical guidance in key areas like blockchain development, marketing, tokenomics and public relations.
The fund is backed by 11 strategic partners, including Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.
“As best-in-class investors, they share our vision and hold valuable experience in partnering closely with entrepreneurs and developers,” said Sane Lebrun, Ignite’s chief growth officer.
Last year, Ignite launched its equity investment incubator Ignite Ventures (formerly Tendermint Ventures) to invest in startups and help them with product and go-to-market support, networking.
Simultaneously, the company is running Ignite UI CLI, providing a framework and tools to develop their interoperable blockchain projects.
Photo: Ignite Accelerator