Over US $2 million in funding to boost 10+ innovative startups building enterprise-grade solutions on the XDC Network
September 26, 2024 — Singapore: XDC Network, an enterprise-grade Layer 1 blockchain active since 2019, has partnered with Foundership, a leading Web3 accelerator, to bolster early-stage Web3 startups. This strategic collaboration was a
highlight of the Token 2049 week, where Foundership hosted a Demo Day at the 80RR Fintech Hub.
Through this initiative, more than 10 innovative startups will benefit from over $2 million in funding, driving the development of enterprise-level applications on the Zayn Network, MetaSoccer, Akka Finance, Earnscape, Fandora, Panenka FC, Open Work, Resmic, Circle of Games, and Zon Network presented their platforms to venture capitalists, industry leaders, and key Web3 stakeholders, sparking significant interest from investors looking to co-invest alongside these entrepreneurs.
Ritesh Kakkad, Co-Founder of XDC Network, expressed his excitement: “We are thrilled to partner with Foundership to foster the next generation of Web3 innovation. The XDC Network is brimming with potential, and we are committed to providing the necessary resources and mentorship to bring these groundbreaking ideas to life.”
Foundership Co-Founder Bimlesh Gundurao added, “Our mission is to equip startups with essential tools for success. Collaborating with XDC Network, we aim to push the boundaries of Web3 innovation and create a collaborative ecosystem.”
XDC Network is also aligning with global incubators like Brinc, Plug and Play, Tenity, and T-Hub to further empower blockchain entrepreneurs through its Accelerator Program, providing mentorship, funding, and resources.
In the first half of 2024, Web3 startups secured around $3.7 billion in venture capital funding over two quarters. During Q1, these startups raised close to $1.9 billion across 346 deals, reflecting a 58% growth compared to the previous quarter. The upward trajectory persisted in Q2, with an additional $2 billion invested, signaling a steady but moderate rise in funding. Investors have shown particular interest in sectors such as blockchain infrastructure, decentralized finance (DeFi), and decentralized social platforms.
About XDC Network
Launched in 2017, XDC Network is a secure, scalable, and interoperable Layer 1 blockchain infrastructure designed for trade finance, RWA, Tokenization, Payment and DePIN. More details at : xinfin.org and xdc.org
About Foundership
Foundership is a global Web3 accelerator program supporting early-stage startups with resources, mentorship, and investment opportunities to drive their growth and success.