Although Web3 has the potential to create highly-engaged communities based on asset ownership, tokenization, virtual worlds, and global accessibility, it remains isolated from the traditional tech world.
To bridge this gap, Pitango, an Israeli venture capital firm that operates seed and early venture fund Pitango First, has unveiled a new web3-focused venture fund. Dubbed First Labs, this is Israel’s first “investment DAO” (decentralized autonomous organization) to connect the traditional Web2 economy with the ever-expanding Web3 market to accelerate the growth of the web3 ecosystem.
What Will First Labs Do?
First Labs will be allocating funding to companies employing Web3 technologies, such as blockchain, tokenization, NFTs, and metaverses. Through equity and token investments, it will identify ventures that have sustainable growth models.
In addition to providing Web3 investment funding, First Labs will provide mentoring to projects to make sure their potential is realized by connecting them with its extensive network of partners.
Through First Labs, investors will gain access to the latest wave of Web3-focused startups, while Web2 companies will be able to enter into the fast-growing space quickly. First Labs has also clarified that it plans to launch its first accelerator program for Web3 teams within the next two months.
Its community members will be pivotal in championing the development of ideas and concepts around the projects it supports through its First Labs Program.
Based on the tenets of Web3, such as decentralization and a community-first approach, First Labs will also operate a decentralized autonomous organization, or DAO, called First DAO, which will manage all investment activities of First Labs. First DAO will gradually assign control of its operations to its community, empowering them to decide which projects will be a part of the First Labs’ program.
Founding members of First DAO include Aviv Barzilay, key members from the Pitango First team, MarketAcross partners Elad Mor, Nadav Dakner, Itai Elizur, and blockchain industry leaders like Tomer Weiss, Oren De-lange, and Amit Peled.
Commentary from First Labs’ Management
Aviv Barzilay, the Head of First Labs, notes, “From liquidity mining to token engineering, First Labs is designed to answer the unique needs of the crypto space. Our platform will allow founders and community members to connect and will empower web2 companies to make the leap into web3 with confidence.
“Having partnered with top crypto-native companies and domain experts, First Labs has the expertise to unlock the web3 universe and everything it has to offer.”