On February 26, 2023, a proposal aiming to allocate $200 million for early-stage Web3.0 startups was sent to BitDAO’s governance forum by Mantle Core, as stated by Cointelegraph.
According to Cointelegraph, the ecosystem fund intends to amplify adoption of Mantle’s network among developers and Dapps. It is believed that the $200 million proposal would be set up within Mantle ecosystem in upcoming three years. Reportedly, BitDAO’s treasury would make contribution worth $100 million USD Coin and rest $100 million would come from “strategic venture partners.”
On the basis of information by Cointelegraph, funds which showed desire to partake are Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures and QCP Capital. Upon approval, Mantle EcoFund and venture partners will involve themselves in projects around 1:1 co-investment ratio. Sources suggest that Web3.0 startups involved in pre-seed, seed, and series A round will be aimed by the ecosystem fund.
Moreover, Cointelegraph noted that the fund is expected to have a three-year active investment timeline, along with an option for further two years. The initial fund operator is believed to be Mirana Ventures, Bybit and BitDAO’s venture partner, along with an investment committee consisting of representatives belonging to Mirana Ventures, Mantle, BitDAO and Bybit.
(With insights from Cointelegraph)