- BitDAO's Mantle Core is seeking to raise $200 million to support Web3 startups.
- The initiative aims to create an ecosystem that will provide strategic support, resources, and funding to early-stage blockchain and Web3 projects.
- Mantle Core will use a decentralized autonomous organization (DAO) structure, where the community will decide which projects to fund and support.
Mantle Core's proposal on BitDao's governance forum to establish a $200 million fund for early-stage Web3 startups is a significant development for the cryptocurrency and blockchain industry. The proposal aims to support innovative projects in the Web3 space, which refers to the next generation of the internet that is powered by decentralized technologies.
The proposed Mantle EcoFund 1 would serve as a capital pool to fund startups within the Mantle ecosystem. This funding would be a significant boost for the Web3 startup community, as it would provide access to much-needed capital to support their growth and development. Additionally, the proposed capital call of $10 million USDC sourced from the BitDao Treasury would be an initial step towards realizing the full potential of the Mantle EcoFund.
The proposal highlights the growing interest and investment in Web3 startups, which are at the forefront of blockchain and cryptocurrency innovation. The Web3 ecosystem is rapidly expanding, and there is a need for more funding to support the growth of promising startups in this space. With the proposed funding, Mantle Core aims to support the development of the Web3 ecosystem by providing the necessary resources to promising startups.
Furthermore, the proposal is a testament to the power of decentralized finance (DeFi) and blockchain technology to disrupt traditional funding models. By leveraging the blockchain, Mantle Core can create a transparent and efficient system for funding startups, which could revolutionize the way early-stage companies are financed.
A new ecosystem fund is set to be established with the aim of supporting Web3 startups raising pre-seed and series A rounds. According to reports, the initial fund operator for the ecosystem fund is likely to be Mirana Ventures, which is a venture partner of both Bybit and BitDAO. The investment committee for the fund will include representatives from Mantle, BitDAO, Mirana Ventures, and Bybit. If approved, the Mantle EcoFund and the venture partners will invest in projects with a 1:1 co-investment ratio.
The spokesperson for Mantle stated that the fund aims to invest in over 100 projects deployed on Mantle, with the goal of achieving a multiple on invested capital of 1.5x of cumulative performance throughout the fund's lifecycle. The proposed investment strategy is expected to generate significant returns for investors, while also providing a valuable source of funding for Web3 startups looking to grow and scale their operations.
The emergence of the Web3 ecosystem has created a host of new opportunities for entrepreneurs and investors alike. By leveraging blockchain technology and decentralized platforms, startups in this space are developing innovative new solutions to a wide range of challenges across various industries. However, raising capital can be a significant barrier to entry for many early-stage Web3 startups, making it difficult for them to attract the funding needed to develop and scale their products and services.
The establishment of the new ecosystem fund is expected to help address this funding gap by providing a valuable source of capital and expertise for promising Web3 startups. With the backing of experienced investors and industry insiders, these startups will be better positioned to achieve their growth and development goals, while also contributing to the continued growth and evolution of the Web3 ecosystem.