While much of the current talk about venture is around a slowdown, the Web3 industry seems to be immune to that.
In line with this, Web3 accelerator Open Web Collective announced this month a new standard investment deal for founders working on blockchain and the decentralized web.
Startups in the program will now receive an initial $150,000 investment, in exchange for a 7% equity or token stake in the company, with the opportunity to receive an additional $500,000 coming out of Demo Day.
The accelerator, now approaching its 4th batch, will support founders looking to develop decentralized applications (dApps) that deliver new strategies and revenue in the Web3 industry.
“The Open Web Collective team’s aim is to partner with innovative startups and investors, support the Web3 sector, and help to uncover the next unicorns. 2022 will be filled with launches, fresh batches, and new projects, said Mimi Idada, Founder of OWC.
“This quarter is just a sneak peak of what’s to come this year, and we are excited to give our community a front row seat.”
Applicants who are interested should apply here.
As the impressive Y Combinator continues to grow in size, competing accelerators have tried just about everything to differentiate and find their inroad to chip away at the organization’s dominance. For its part, OWC seems to be purposefully framing itself as a leader in Web3 to appeal to founders in this space.
