Home Business Israeli venture capital firm Pitango has invested in Web3

Israeli venture capital firm Pitango has invested in Web3

by Chief editor

Israeli venture capital firm Pitango has announced the creation of a new investment lab called First Labs to help bridge the gap between Web2 and Web3. Representatives of the organisation said they plan to invest heavily in the industry. The fund will be designed to meet the needs of developers, investors and entrepreneurs.

Officials noted that Pitango, founded in 1993, is one of Israel’s largest venture capital funds, with $2 billion in assets as of April 2022. The firm regularly invests in life sciences and technology at various stages of development.

First Labs is a product of Pitango First’s seed and early-stage venture fund. Labs will invest in Web3 start-ups, with an emphasis on blockchain infrastructure developers. In addition to financial support, First Labs will give programmers and founders access to an extensive partner network through a mentoring programme.

PItango First managing partner Ayal Itzkowitz emphasised that the company has been watching the crypto industry closely for the past 5 years. According to him, now is the perfect time to participate in the evolution of the industry.

The specialist noted that First Labs will become both an investment fund and a decentralised autonomous organisation (DAO). The lab will be run by First DAO in Israel.

Earlier, Crypto.ru’s editorial board reported: on the hedge fund Ark Invest channel, the head of the company Catherine Wood, as well as well-known entrepreneurs Ilon Musk and Jack Dorsey, discussed the future of the Web3 sector. They were actively discussing the value of crypto for the development of modern society. According to the businessmen, this industry will evolve very quickly and will turn our world upside down.

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