Tel Aviv, Israel, June 7, 2022, Chainwire
Top web2 VC Pitango has launched First Labs, a thesis-driven web3 lab designed to bridge the traditional economy and web3. Israel’s leading venture capital firm, Pitango Seed, and early venture fund Pitango First operates. The latter has now been mastered by First Labs, which includes Israel’s first investment DAO to support the needs of Web3 investors, entrepreneurs and developers.
First Labs will support investments in early-stage companies utilizing Web3 technologies, including blockchain, tokenization, NFTs and the Metaverse. It will identify enterprises that have sustainable growth models through equity and/or token-based investments. More than just a Web3 investment fund, First Labs will provide advice to help projects realize their potential by introducing them to their extensive partner network.
Ayal Itzkowitz, Managing Partner of Pitango First: “We have been involved in the crypto space over the past five years and have been following it closely. We believe in bringing together the VC and crypto native community in a new, modern and relevant vehicle The time has come to drive innovation and support sustainable enterprise building in the Web 3.0 space.
In keeping with the democratic, community-centered principles that underpin Web3, First Labs will operate a new investment DAO, known as FirstDAO. Founding members of The DAO include Pitango First team core members Aviv Barzile and Tomar Weiss, Amit Peled, Oren D-Lang, and leading blockchain figures including MarketAcross Partners Nadav Decner, Elad Mor and Itai Elizur.
Aviv Barzile, Head of First Labs, said: “From liquidity mining to token engineering, First Labs is designed to respond to the unique needs of the crypto space. Our platform will allow founders and community members to connect, and Web2 will empower companies to 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 “
Despite Web3’s enormous potential to foster highly engaged communities centered around asset ownership, tokenization, virtual worlds, and global reach, it remains isolated from the traditional tech world. First Labs will aim to bridge this gap, bringing Web2 companies into the rapidly growing sector and making it easier for investors to identify the first wave of Web3 unicorns.
The first DAO would over time incorporate the structure of a decentralized autonomous organization, gradually delegating management to its community. After exiting stealth mode today, First Labs intends to launch its first program to accelerate Web3 teams within two months. Its community members will be instrumental in furthering the development of ideas and concepts surrounding the projects supported in the First Lab program.
The pitango first is the seed of the pitango and the corpuscle of the early stage. An Israeli VC, we have invested in over 20 companies over the past two years and have 40 active companies in our portfolio which includes four unicorns: GraphCore, PsyQuantum, Optibus and DriveNet. We leverage the vast Pitango portfolio of nearly 100 active companies and nearly 200 alumni companies to drive strategic alliances for our companies. learn more: https://www.pitango.com/
About First Labs
First Labs is a web3 venture lab that bridges web2 and web3. Building Pitango First, First Labs is focused on three main pillars: the community, its projects, and the liaison between the traditional economy and the crypto space. First Labs’ investment activity will be managed by FirstDAO, an investment DAO tasked with identifying outstanding Web3 startups. To be on the First Labs waiting list, visit: first-labs.xyz