OWC Accelerator promises $650k to Web3 startups in new funding deal
We face the dawning of the web3 era, a new epoch of digitization that’s looking to change the internet in unprecedented ways. Blockchain-enthusiastic founders are thinking well beyond cryptocurrencies and NFTs to dream up novel instant and anonymized money transfer protocols and new ways to measure and monetize everything from color to attention.
With that in mind, Open Web Collective (OWC), an accelerator that supports startups developing decentralized applications (dApps) that deliver novel strategies and revenue streams in the Web3 industry, has just announced its standard funding package for companies seeking to be to Web3 what Facebook and Twitter were to Web2.
OWC’s goal is to help the next iteration of the internet come roaring into existence, 15 companies at a time through their accelerator program, and the early-stage blockchain venture fund and accelerator has already supported 28 startups that cumulatively have raised over $300M USD in venture funding to date.
“The Open Web Collective team’s aim is to partner with innovative startups and investors, support the Web3 sector, and help to uncover the next unicorns. 2022 will be filled with launches, fresh batches, and new projects,” said Mildred “Mimi” Idada, Founder and Partner of OWC.
“I believe Open Web Collective has the potential to impact Web3 as much as we saw organizations like Y Combinator help Web 2.0,” she added.
As a part of their accelerator that pairs innovative founders with leading investors, mentors, and corporate partners, promising pre-seed and seed-stage startups who land themselves a slot in OWC’s accelerator program are cut a $150,000 check in exchange for a 7% equity or token stake in the company.
The full package includes the opportunity for startups to receive an additional half-million dollars in funding following a Demo Day presentation they get to take part in at the end of the three-month-long program before a curated audience of industry leaders, ecosystem players, and network partners. This means that founders with truly new ideas stand to acquire $650,000 through OWC if they are lucky enough to be one of the 15 pre-seed and seed-stage Web3 companies that will constitute the next funding cohort.
Companies seeking to develop their product and grow their team, build awareness and expand their communities, and scale their company to reach the next level are encouraged to apply for the program on the OWC’s website before the June 30 deadline. By mid-May, the accelerator expects half the seats to have been filled on a rolling basis.
Companies eager to apply shouldn’t hesitate to do so by following this link and pitching their pre-seed or seed-stage blockchain startup.
Disclosure: This article mentions a client of an Espacio portfolio company.