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.
Israeli VC Launches Web3 Lab
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.
According to a press release shared with CryptoPotato, First Labs is a product of the company’s seed and early venture fund, Pitango First. It aims to close the gap between the traditional economy and web3.
The lab will invest in early-stage web3 startups, including those working on blockchain technology, non-fungible tokens (NFTs), asset tokenization, and metaverses.
Aside from providing financial support for web3 projects, First Labs will expose developers and founders to its extensive partner network through its mentorship program.
Speaking on the development, Ayal Itzkovitz, Managing Partner at PItango First, noted that the company had followed the crypto industry closely for the last five years. They believe this is the right time to get onboard.
“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.
Israel’s First Investment DAO
First Labs doubles as an investment fund and a decentralized autonomous organization (DAO). 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.”