Pitango, a top Israeli venture capital firm, has launched a thesis-driven web3 initiative dubbed First Labs to service the needs of web3 developers, investors, and entrepreneurs.Founded in 1993, Pitango is one of Israel’s largest venture capital funds, with $2 billion in AUM as of April 2022. The company invests in core technologies, consumers, and life sciences across all stages, from seed to late-stage growth.
“We believe the time is ripe to bring the VC and crypto native community together in a new, modern, and relevant vehicle that will foster innovation and support sustainable venture building in the Web 3.0 space,” Itzkovitz said.decentralized autonomous organization . The lab will operate Israel’s first investment DAO, dubbed First DAO. Pitango said it would ensure that First Labs adheres to the “democratic, community-centric principles” that govern web3.
According to Aviv Barzilay, Head of First Labs, 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 will empower web2 companies to make the leap into web3 with confidence. Having partnered with top crypto-native companies and domain experts, First Labs has the expertise to unlock the web3 universe and everything it has to offer.”
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