- Web3 startups are turning to accelerator programs as crypto enters a new bull market, seeking mentorship and guidance from the likes of Y Combinator and Andreessen Horowitz (a16z).
- a16z’s spring 2024 crypto startup accelerator features 25 startups undergoing a 10-week mentorship program in London, with investments of $500,000 in exchange for 7% equity, while the Avalanche Foundation and Ava Labs’ Codebase accelerator offers investments ranging from $500,000 to $1 million.
Web3 startups have increased since the crypto surges
Web3 startups are flocking to accelerator programs as crypto enthusiasm surges and investors look for programs that offer mentorship and guidance in return for early equity.
On March 26, Andreessen Horowitz (a16z) revealed the lineup for its spring 2024 crypto startup accelerator. The 25 startups will undergo a 10-week mentorship program in London led by the a16z crypto team.
Helika, a Web3 gaming infrastructure company, revealed its collaboration with Pantera Capital, Spartan Capital, Sfermion, and other venture capital firms to allocate up to $50 million to startups participating in its new Web3 gaming accelerator, Helika Accelerate.
Crypto investment has seen a resurgence
Along with the bull market ramps up, the cryptosphere has heated again. The cryptosphere has seen a resurgence in venture capital activity as the bull market ramps up. Crypto-native venture firm 1kx recently disclosed an oversubscribed $75 million fundraising round, while Hack VC finalized a $150 million round in February.
Sam Lehman, principal at Symbolic Capital, emphasized in a March 26 X post that robust crypto accelerators play a vital role in fostering community among founders within the network-centric Web3 sphere.
Investment activity in Web3 gaming has also steadily increased recently. 0G Labs closed a $35 million pre-seed funding round on March 25, with participation from over 40 crypto-native institutions, including Hack VC and the Blockchain Builders Fund.
