On June 7, the latest web2 VC, Pitango, tweeted that they developed First Labs, a thesis-driven web3 lab focused on connecting the conventional and web3 economies. Pitango, Israel’s largest venture capital company, manages the seed and early-stage venture fund Pitango First. The latter has now thought of First Labs, which includes Israel’s first investment DAO to meet the demands of web3 investors, entrepreneurs, and developers.
First Labs will assist early-stage investments in startups that use web3 technologies such as blockchain, tokenization, NFTs, and metaverses. Through equity and/or token-based investments, it will select enterprises with long-term growth strategies.
Through equity and/or token-based investments, it will select enterprises with long-term growth strategies. More than simply a web3 investment fund, First Labs will mentor initiatives and introduce them to its wide partner network in order to help them reach their full potential.
“We’ve been working in the crypto space for the previous five years and have been following it closely,” says Ayal Itzkovitz, Managing Partner of PItango First. We feel that the moment has come to bring together the VC and crypto native communities in a new, modern, and relevant vehicle that will stimulate innovation and assist long-term venture development in the Web 3.0 space.”
First Labs will run a new investment DAO called First DAO, in line with the democratic, community-centric ideals that drive Web3. Aviv Barzilay, Pitango First team members, and major blockchain personalities such as Tomer Weiss, Amit Peled, Oren De-lange, and MarketAcross partners Nadav Dekner, Elad Mor, and Itai Elizur are among the DAO’s founding members.
“From liquidity mining to token engineering, First Labs was created to satisfy the particular demands of the crypto industry,” stated Aviv Barzilay, Head of First Labs. Our platform will link founders and community members, allowing web2 businesses to confidently transition to web3. First Labs has the skills to unlock the web3 ecosystem and all it has to offer, having worked with leading crypto-native firms and subject specialists. “
Despite its enormous potential for establishing highly involved communities centred on asset ownership, tokenization, virtual worlds, and global access, web3 remains separated from the conventional IT sector. Initial Labs will attempt to bridge this gap by enrolling web2 firms into the rapidly expanding industry while also making it simpler for investors to discover the first wave of web3 unicorns.
Over time, the First DAO will progressively incorporate the structure of a decentralised autonomous organisation, eventually giving responsibility to its community. First Labs has emerged from secret mode and plans to offer its first programme to accelerate web3 teams within two months. Its members will play a critical role in furthering the development of ideas and concepts related to the initiatives it supports via the First Labs Program.
