Terraform labs and Insignia Ventures partner to launch Web3 incubator The Moonshot Fellowship

INSIGNIA Ventures and web3 application builder, Terraform Labs, have partnered to launch a web3 accelerator, The Moonshot Fellowship. Web3 is a catchall term that encompasses everything a decentralised internet contains from blockchain to decentralised finance to cryptocurrencies, digital assets and the metaverse.

The two parties aim to help web3 ventures overcome talent gaps, setup costs and widening the scope of web3 beyond speculative and gaming uses.

“Web3 presents enormous opportunities to build open applications for a global audience, but founders are not being matched with the ‘right’ ideas, which results in innovation being limited to repetitions of the same use cases,” said Do Kwon, founder and chief executive officer, Terraform Labs.

The incubator will take in founders with or without an idea, with The Moonshot Fellowship pairing up founders to ideas and early go-to-market strategies. Engineers too can attend a technical bootcamp to transition to web3. Companies going through the incubator programme will receive S$200,000 in seed capital and access to Web3 and venture capital investors via Insignia Partners and Terraform Labs.

There will be three to four cohorts a year, lasting 3 months and hosting five to ten teams. Those in Singapore will have in-person options and co-working spaces, while those based elsewhere will have remote access. This programme mirrors other entrepreneur matching programmes like Entrepreneur First and Antler, culminating with a “demo day” for founders to raise capital.

“The rapid emergence of Web3 adoption in Southeast Asia, primarily through crypto ownership, presents a massive opportunity for the region to play a greater role in producing Web3 applications that expand the horizon of what Web3 means for society,” said Yinglan Tan, founding managing partner, Insignia Ventures.