Web3 technology development on the rise?
Blockchain Founders Fund, a venture capital fund company supporting the adoption of Web3 and Blockchain technologies, has announced the close of a $75 million or equivalent to IDR 1.1 trillion fundraising round from companies such as Polygon, Ripple, Chief Operating Officer The Sandbox, and many more.
How will this fundraising affect the future development of Web3 technology? Check out the complete information as reported by The Bit Times page below.
How are the Trillions of Rupiah Funds Used?
According to the announcement, IDR 1.1 trillion worth of funds raised will be used to support high-potential pre-seed projects driving mass adoption of Web3 and blockchain technologies.
The fund has invested in more than 100 startups, including Altered State Machine, Splinterlands, GRID, Crayon and Magna.
In an interview with Cointelegraph, Michiko Yuda, marketing coordinator at the Blockchain Founders Fund, explained that this venture capital fund has the potential to be deployed in more than 200 companies in the next 12 months.
In addition to Blockchain Founders Funds, an Abu Dhabi-based blockchain platform called the Venom Foundation and investment manager Iceberg Capital also announced that they will be allocating $1 billion or IDR 15.4 trillion in investment funds to finance Web3 and blockchain enterprise projects through their new partnership.
What drives many companies interested in investing in the Web3 and blockchain industry? Check out complete information about Venom Foundation Ready to Fund IDR 15.4 Trillion for Web3 & Blockchain Projects here.
What are the requirements that must be met and how can Web3 startups get funds from the Blockchain Founders Fund?
Yuda said that his party would focus on early-stage Web3 companies with a strong team and demonstrated ability to execute their vision. In addition, the Web3 project must also offer a product or service that meets real market needs and offers a clear path to generate revenue or monetization over time.
The project must also have a clear and feasible business plan that demonstrates a solid understanding of the target market and competition. How about it, are you interested in sending a proposal to the Blockchain Founders Fund to fund your Web3 project?
