Firm to invest $100-$200M in crypto-asset and Web3 projects over next 3 years
SHANGHAI, CHINA / ACCESSWIRE / April 1, 2022 / Foresight Ventures co-hosted a “Shark Tank”-style Web3 pitch event called ONE Pitch at the Ace Theater in Los Angeles on Tuesday, March 29, alongside Harmony and MADNFT. During the event, the three hosting companies collectively granted ~$500,000 to presented projects as part of their efforts to support and elevate the Web3 community.
The event was a smash success, with more than 60 entrepreneurs and founders lining up to pitch live on stage from noon to midnight. Each founder fielded questions from panelists in an intense two-minute pitching session followed by Q&A.
The ONE Pitch event featured companies covering a variety of sectors, from DeFi, NFTs, Metaverse, Web3, and DAOs, but was not strictly limited to these areas. Foresight Ventures invested in amounts of up to $10,000 each, to fund the development of projects built using the Harmony Protocol.
Some of the ONE Pitch projects Foresight Ventures funded include:
“Lovo Voiceverse,” founded by Daniel Kim. The project is still in Beta and is available now on OpenSea.
“Mariposa Dreams Tour,” founded by Creatress Sarai
“The Sequence of Skin,” founded by artist Suki
“Elitepad“, founded by Jacky Wang
Supporting these and other projects is part of Foresight Ventures’ plan this year to support young startups from a sector-agnostic perspective, paving the path for founders to realize their dreams and ensure a productive adventure into the wild and revolutionary world of Web3, armed with the technology tools they need as well as honest strategic advice.
Foresight Ventures’ extensive portfolio includes Everyrealm, Matrixport, Zebec, Ardrive, Illust Space, and many more. Its leadership team includes veterans from some of the world’s top technology and financial institutions. Their young and driven team has diverse skill sets across investment and research. Foresight Ventures is made up of a group of crypto enthusiasts dedicated to conducting due diligence to identify and solve any problems these projects might face while helping the founding team deliver on their vision.
Co-Founder Forest Bai breaks the mold of the traditional startup investor, dedicated to independent thinking and approaching investment opportunities with a humble attitude. A former thermal engineering student and investment banker, Bai frequently calls upon his knowledge of the Laws of Thermodynamics and Sun Tzu’s Art of War when it comes to guiding his investment philosophy.
He believes that interdisciplinary thinking is the basis of investment, and he often mentions that “The general who is skilled in defense hides in the most secret recesses of the earth, he who is skilled in attack flashes forth from the topmost heights of heaven. Thus on the one hand we have the ability to protect ourselves, on the other, a victory that is complete.”
“We are at an exciting time in the evolution of Web3 and related technologies, and we will continue to look for outside-the-box investment opportunities in that arena and support projects we feel have potential to be market leaders in their space. We will focus more on contrarian investment opportunities and dare to write the first check,” says Bai.
General Partner Tony Cheng studied applied mathematics at Nankai University before finishing his postgraduate studies in Financial Economics at Oxford University. Before joining Foresight Ventures, he worked as a financial services management consultant at Oliver Wyman before moving to TMT investing at Sequoia Capital China and 3G Capital .
“I’m particularly interested in crypto infrastructure, scaling solutions, and applications that bridge CeFi and DeFi. I joined Foresight Ventures because it presented me with an opportunity to dive deeper into the Web3 rabbit hole while being able to provide value to portfolio companies with our ecosystem,” says Cheng.
Moving forward, Foresight Ventures has big plans for its role in the space. It will continue to partner with global blockchain accelerators and provide mentorship to student entrepreneurs through incubator programs. The firm will be sponsoring major blockchain hackathon and developer-focused events across different sectors through hackathon partners including Avalanche, Arweave, Dfinity, Gitcoin, Dorahacks and more. It plans to invest between $100-200 million in Web3 projects over the next 3 years.
Foresight Ventures’ success is due in no small part to its long-term vision, focusing primarily on investment opportunities with a 5-10 year horizon. It stays on top of current trends, emerging technologies, and market dynamics, and leverages its team’s diverse range of experience and perspectives to cut through the noise and find the best possible solutions.
About Foresight Ventures
Foresight Ventures believes crypto will define the next few decades of innovation. The firm invests early and makes decisions quickly, providing wide-ranging support for projects from its robust ecosystem that includes major market players crypto exchange Bitget and crypto wallet BitKeep. Its founding and partnership team includes veterans of some of the top financial and technology firms on the planet who are dedicated to finding and supporting the next generation of disruptive players across Web3.
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About Harmony
Build on Harmony, Bridge to All Chains.
Harmony is an open, community-centric layer-1 blockchain with EVM compatibility known for its scalability, environmentally-conscious computing, and commitment to proof-based cryptography.
Harmony’s future will be built on the pillars of Zero Knowledge proofing, DAOs, and Metaverse technology supported by their $300M+ ecosystem fund.
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Contact: fvatforesightventures.com
SOURCE: Foresight Ventures
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