Today, Web3 developer Ignite (formerly Tendermint) launched the Ignite Accelerator. The initiative will support and expand the next wave of early-stage startups in Web 3. Ignite Accelerator will focus on the multi-chain ecosystem, involving 11 investment partners, with a total initial fund of $150M.
The initial strategic partners are Alameda Research, Kucoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo. Alongside the capital investment, they will also provide practical guidance to the program’s participants, leveraging their expertise in accompanying Web 3 projects.
Ignite Accelerator is aimed to provide support for early-stage projects that have already initiated their development and speed up their time to market. There is a significant gap for new interoperability projects to gain technical and business expertise, resulting in a slower time to market and up to several years of stagnated growth. This critical barrier to progress limits the potential of promising projects that can significantly impact solving real-world challenges.
“There have been astounding ideas in the development of decentralized solutions, much to the benefit of the wider community, leading us to rethink what innovation is,” Ignite CEO Peng Zhong said. “We are focused on driving accessibility in this space and empowering developers to achieve more. Ignite Accelerator ensures that individuals who would like to be part of building an open and decentralized global future are set up for success. This is an integral and necessary step for us as leaders who accelerate the world’s transition to a more transparent and equitable future.”
“We are proud to establish a key driver of strategic growth to the Web 3 ecosystem, alongside exceptional like-minded partners,” Ignite CGO Sane Lebrun added. “As best-in-class investors, they share our vision and hold valuable experience in partnering closely with entrepreneurs and developers. We have a strong track record in incubating ambitious blockchain projects. Hence, our accelerator program is an essential extension, allowing us to scale our efforts in fostering innovation in the blockchain industry.”
With Ignite Accelerator, participants can benefit from capital and expert resources, including hands-on guidance in critical areas like blockchain development, marketing, PR and tokenomics, to accelerate their development cycle and maximize their success at launch.
The program will support up to 20 projects a year, with two cohorts annually. Each cohort will run for six months and be focused on helping participating projects reach successful mainnet launch within 12 months.
Applications to Ignite Accelerator are now open for the first cohort targeted to commence in June.