Ignite, a major development team inside the Cosmos ecosystem, has opened applications for a new Web 3 focused startup accelerator. Ignite Accelerator has received $150 million in funding from eight investment partners.
Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake, and Galileo are among the companies involved in funding.
Web 3 accelerator plan by Ignite
Sane Lebrun, Ignite’s chief growth officer, said in a statement:
“We are thrilled to build a significant driver of strategic development to the Web 3 ecosystem at large, with excellent like-minded partners.”
Sane Lebrun continued, “our accelerator programme is a significant addition that will allow us to expand our efforts in encouraging blockchain sector innovation.”
Tendermint was the company’s previous name until February this year when owner and former CEO Jae Kwon emerged with plans to reclaim the brand and utilise it for another project.
The initiative will fund a total of 20 projects every year, divided across two cohorts. Participants will strive towards a successful mainnet release within 12 months of each session, which will span six months.
Ignite’s latest blockchain development offering is the initiative. It created Ignite Enterprises, previously Tendermint Ventures, an equity investment incubator last year that provides networking, operational management guidance, cash, and shared office space in Vancouver to early-stage startup ventures.
