Pitango, a top Israeli venture capital firm, has launched a thesis-driven Web3 initiative, called First Labs, to address the needs of Web3 developers, investors and entrepreneurs.
Israeli VC launches Web3 Lab
Founded in 1993, Pitango is one of Israel’s largest venture capital funds with $222 billion in AUM as of April. The company invests in core technologies, consumers and life sciences at all stages from seed to late-stage development.
According to a press release shared with cryptopotato, First Labs is a product of the company’s seed and early venture fund, Pitango First. It aims to bridge the gap between the traditional economy and Web3.
The lab will invest in early-stage Web3 startups, including those working on blockchain technology, non-fungible tokens (NFTs), asset tokenization and the metaverse.
In addition to providing financial support for Web3 projects, First Labs will introduce developers and founders to its extensive partner network through its mentorship program.
Speaking on the development, Ayal Itzkowitz, Managing Partner, PItango First, said that the company has closely followed the crypto industry for the past five years. He believes this is the right time to board the ship.
Itzkowitz said, “We believe the time has come to bring the VC and crypto native community together in a new, modern and relevant vehicle that will drive innovation and support sustainable enterprise building in the Web 3.0 space. “
Israel’s first investment DAO
First Labs doubles as an investment fund and a decentralized autonomous organization (DAO). The lab will operate Israel’s first investment DAO, called First DAO. Pitango said this will ensure First Labs adheres to the “democratic, community-centered principles” that govern Web3.
According to First Labs head Aviv Barzilay, the project is designed to provide solutions to the “unique needs” of the crypto industry, ranging from liquidity mining to token creation.
“Our platform will allow founders and community members to connect and empower Web2 companies to make the leap to Web3 with confidence. Having partnered with top crypto-native companies and domain experts, First Labs has access to the Web3 universe. Has the expertise to unlock and whatever it has to offer.”
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