Pitango, a leading Israeli venture capital firm, has launched a thesis-based web3 initiative called First Labs to meet the needs of web3 developers, investors and entrepreneurs.
Israeli venture capital launches Web3 lab
Founded in 1993, Pitango is one of Israel’s largest venture capital funds with US$2 billion in assets as of April 2022. The company invests in core technologies, consumers and life sciences at all stages, from seed to late growth.
According to the popular Crypto Potato, First Labs is the product of Pitango First’s seed and early venture fund. It aims to bridge the gap between the traditional economy and the network3.
The lab will invest in early-stage web3 startups, including those working on blockchain technology, non-fungible tokens (NFTs), asset tokenization, and metaverses.
In addition to financial support for web3 projects, First Labs will provide developers and founders with access to its extensive partner network through a mentor program.
Speaking about the development, Ayal Itzkowitz, managing partner of PItango First, noted that the company has been closely following the crypto industry for the past five years. They think now is the right time to get on board.
“We believe the time has come to bring the VC and crypto community together in a new, modern, and relevant vehicle that will foster innovation and support the creation of sustainable businesses in the Web 3.0 space,” Etzkowitz said.
The first investment DAO in Israel
First Labs is both an investment fund and a decentralized autonomous organization (DAO). The lab will manage the first investment DAO in Israel, dubbed First DAO. Pitango said it will ensure that First Labs upholds the “democratic, community-driven principles” that govern web3.
According to Aviv Barzilai, head of First Labs, the project is designed to address the “unique needs” of the crypto industry, ranging from liquidity mining to token creation.
“Our platform will enable founders and community members to connect and empower web2 companies to move to web3 with confidence. Working with leading cryptographic companies and domain experts, First Labs has the experience to open up the web3 universe and all it has to offer.”
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Credit : cryptopotato.com