Israel’s largest VC firm Pitango launches First Labs for web3 businesses

The transition from web2 to web3 is already in full swing, with major global corporations and investors vying for the lead.

Pitango Venture Capital, the biggest VC company in Israel with over $2 billion in AUM, established First Labs, according to a press release issued on Tuesday.

First Labs is a thesis-driven web3 lab aimed to address the objectives of web3 investors, entrepreneurs, and developers by bridging the conventional economy with web3.

As a result, First Labs will assist early-stage startups using web3 technologies, such as blockchain, tokenization, NFTs, and metaverses. In addition, in accordance with the democratic and community-centric ideals underlying web3, First Labs will manage a revolutionary investment DAO called First DAO.

Through equity and/or token-based investments, the newly established DAO will identify enterprises with sustainable development plans. First Labs will provide mentoring to help projects realise their full potential by connecting them to its vast network of partners.

Commenting on this decision, Ayal Itzkovitz, Managing Partner at PItango First mentioned:

“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”

Meanwhile, 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 web2 companies to make the leap into web3 with confidence. Having partnered with top crypto-native companies and domain experts, First Labs has the expertise to unlock the web3 universe and everything it has to offer.”

The way ahead for First Labs

Despite web3’s immense potential for developing highly active communities centred on asset ownership, tokenisation, virtual worlds, and global access, it is still secluded from the conventional tech industry.

First Labs intends to bridge this gap by integrating web2 enterprises into the rapidly expanding industry and making it simpler for investors to discover the first wave of web3 unicorns.

Over time, First DAO will adopt the form of a decentralised autonomous organisation, progressively giving governance responsibilities to its members. In addition, first Labs plans to offer its first initiative to accelerate web3 teams within two months, having entered stealth mode today.

Its community members will play a crucial role in advancing ideas and concepts around the First Labs Program initiatives it sponsors.

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