Pitango, Israel’s Leading VC, Launched Web3 Investment Plan

The Israeli venture capital company announced a new investment lab called first labs to bridge the gap between web2 and Web3. Pitango, Israel’s top venture capital company, launched a paper driven Web3 initiative called first labs to serve the needs of Web3 developers, investors and entrepreneurs.

Pitango Launches Web3 Lab

Pitango, founded in 1993, is one of the largest venture capital funds in Israel. By April 2022, its asset management scale had reached 2billion US dollars. The company invests in all stages of core technology, consumer and Life Sciences, from seed stage to late growth stage.

According to a press release , first labs is the seed of the company and the product of pitango first, an early-stage venture fund. Its aim is to narrow the gap between traditional economy and network 3.

The lab will invest in early Web3 startups, including those dedicated to blockchain technology, non forgeable tokens (NFTs), asset tokenization and meta tokens.

In addition to providing financial support for the Web3 project, first labs will also provide developers and founders with access to its extensive partner network through its mentor program. Talking about this development, ayal itzkovitz, managing partner of pitango first, pointed out that the company has been paying close attention to the cryptocurrency industry in the past five years. They believe that now is the right time to join.

“We believe that the time is ripe to bring venture capital and cryptocurrency native communities together in a new, modern and relevant tool, which will promote innovation and support the sustainable risk construction of Web 3.0 space,” itzkovitz said.

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Israel’s First Investment Dao

The first laboratory is both an investment fund and a decentralized autonomous organization (DAO). The laboratory will operate Israel’s first investment Dao, known as the first Dao. Pitango said that it will ensure that first labs adheres to the “democratic, community-centered principles” that govern Web3.

According to Aviv barzilay, head of first labs, the project aims to provide solutions for the “unique needs” of the cryptocurrency industry, including from liquidity mining to token creation.

“Our platform will allow founders and community members to connect, and will enable web2 companies to leap confidently to Web3. After cooperating with top cryptocurrency native companies and domain experts, first labs has professional knowledge to unlock the Web3 universe and everything it provides.”.