June 7, 2022 – Tel Aviv, Israel
Top web 2.0 VC Pitango has launched First Labs, a thesis-driven Web 3.0 lab designed to bridge the traditional economy and Web 3.0.
Israel’s leading venture capital firm Pitango operates seed and early venture fund Pitango First. The latter has now masterminded First Labs, which incorporates Israel’s first investment DAO to support the needs of Web 3.0 investors, entrepreneurs and developers.
First Labs will support investment in early-stage companies utilizing Web 3.0 technologies including blockchain, tokenization, NFTs and metaverses. It will identify ventures that have sustainable growth models through equity and/or token-based investments. More than just a Web 3.0 investment fund, First Labs will provide the mentoring to help projects realize their potential by introducing them to its extensive partner network.
Ayal Itzkovitz, managing partner at Pitango First, said,
“We’ve been involved in the crypto space in the last five years and have been following it closely. We believe that the time is ripe to bring the VC and crypto native community together in a new, modern and relevant vehicle that will foster innovation and support sustainable venture building in the Web 3.0 space.”
In keeping with the democratic, community-centric principles that underpin Web 3.0, First Labs will operate a novel investment DAO, known as ‘First DAO.’ Founding members of the DAO include Aviv Barzilay, core members of the Pitango First team and leading blockchain figures including Tomer Weiss, Amit Peled, Oren De-lange and MarketAcross partners Nadav Dekner, Elad Mor and Itai Elizur.
Aviv Barzilay, head of First Labs, said,
“From liquidity mining to token engineering, First Labs is designed to answer the unique needs of the crypto space. Our platform will allow founders and community members to connect and will empower Web 2.0 companies to make the leap into Web 3.0 with confidence. Having partnered with top crypto-native companies and domain experts, First Labs has the expertise to unlock the Web 3.0 universe and everything it has to offer.”
Despite the vast potential that Web 3.0 holds for fostering highly engaged communities centered around asset ownership, tokenization, virtual worlds and global access it remains isolated from the traditional tech world. First Labs will aim to bridge this divide, onboarding Web 2.0 companies to the fast-growing space while making it easier for investors to identify the first wave of Web 3.0 unicorns.
First DAO will incorporate the structure of a decentralized autonomous organization over time, gradually assigning stewardship to its community. Having exited stealth mode today, First Labs intends to launch its first program to accelerate Web 3.0 teams within two months. Its community members will play a pivotal role in advancing the development of ideas and concepts around the projects it supports in the First Labs program.
About Pitango
Pitango First is the seed and early-stage fund of Pitango. An Israeli VC, we’ve invested in more than 20 companies in the last two years and have 40 active companies in our portfolio including four unicorns Graphcore, PsiQuantum, Optibus and Drivenets. We leverage the vast Pitango portfolio of almost 100 active companies and about 200 alumni companies to drive strategic alliances for our companies. Learn more here.
About First Labs
First Labs is a Web 3.0 venture lab bridging Web 2.0 and Web 3.0. The creation of Pitango First, First Labs is focused on three main pillars the community, its projects and connectivity between the traditional economy and the crypto space. The investment activity of First Labs will be managed by First DAO, an investment DAO tasked with identifying outstanding Web 3.0 startups. To join the First Labs waitlist, go to the website.
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