Ignite (formerly Tendermint) launches $150 million accelerator for Web 3 projects

Quick Take

  • Ignite Accelerator will support up to 20 startups per year.
  • Eight investment partners are backing the accelerator through a $150 million investment.

Applications are open for a new Web 3-focused startup accelerator launched on Tuesday by Ignite, a core development team within the Cosmos ecosystem.

Eleven investment partners have teamed up to support Ignite Accelerator to the tune of $150 million. They are Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.

“We are proud to establish a key driver of strategic growth to the Web 3 ecosystem at large, alongside exceptional like-minded partners,” said Sane Lebrun, chief growth officer of Ignite, in a statement.

“We have a strong track record in incubating ambitious blockchain projects so our accelerator program is an essential extension, allowing us to scale our efforts in fostering innovation in the blockchain industry,” he added.

Formerly known as Tendermint, the company changed its name in February this year after founder and former CEO Jae Kwon returned with plans to take back the name and use it for another project.

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