Web 3.0 advisory firm Horizen Labs Ventures and venture capital firm Red Beard Ventures have jointly launched a token economy accelerator program dedicated to helping startups in the Web 3.0 sector, the companies jointly announced May 18.
Scheduled to start in the third quarter of 2023 and run for three months, Denarii Labs seeks to help Web 3.0 entrepreneurs advance their business ideas and enable them to develop and implement their NFT models and strategies. The statement indicated that the initiative also aims to connect startups with advisors, strategic partners and investors.
The accelerator program will identify five Web 3.0 startups for its initial cohort, which will benefit from significant Web 3.0 consulting, weekly educational sessions and webinars, as well as $100,000 in seed funding, with the possibility of additional funding up to $200,000.
According to the announcement, the program will also be available to projects that are working on launching their own token.
“Our ultimate goal is to qualify projects to be in a position to attract reliable investors and strategic partners.” said Rohan Handa, Senior Vice President, Business Development, Horizon Labs Ventures. Handa added that the accelerator seeks to support the development and implementation of agent strategies, with the aim of launching them by the end of the program.
Here it should be noted that Horizon Labs Ventures previously assumed the main role in launching the famous token known as ApeCoin (APE), which had a market value of $8 billion and was listed on more than 40 exchanges. In addition, HLV has advised numerous other Web 3.0 platforms, including Animoca Brands, The Sandbox, and Yuga Labs.
“Although Web 3.0 tokens have succeeded in redefining the way we interact with digital assets and the value associated with them, their launch comes with its own challenges,” said Drew Austin, Founder and Managing Partner of Red Beard Ventures.
He added, “We aim to enable participants in our program to understand sustainable economic models and viable token strategies, and to prepare for the security challenges associated with launching tokens.”
Red Beard Ventures has closed deals with companies such as Dapper Labs, The Sandbox, SuperRare, and Ceramic Network, among many others, with a total investment of more than $40 million. Red Beard Ventures also recently closed a $25.5 million deal and has directed capital to several projects, including Zero.Tech, Limewire and Immersive.
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The accelerator program will culminate in an invitation-only Demo Day, where venture capitalists, investors and potential partners will be able to review individual projects.
