Rebeca Moen Jul 18, 2024 07:46
Sei Foundation launches a $50M Japan Ecosystem Fund to support Web3 gaming, social, and entertainment sectors, aiming to boost crypto startups in Japan.
The Sei Foundation has announced the launch of a $50 million Japan Ecosystem Fund aimed at accelerating the growth of crypto startups in Japan. This initiative, unveiled during the inaugural “Sei Web3 Day for Japan” event in Tokyo, is designed to provide substantial support for early-stage startups as well as established teams looking to scale their operations on the Sei Network.
Promoting Ecosystem Development and Social Impact
The fund’s initial focus will be on Web3 gaming, social, and entertainment use cases. Sei V2, touted as the EVM’s most performant blockchain to date, aims to unlock new design space for consumer-facing blockchain applications. However, the fund remains open to investing in projects of outstanding utility outside these domains if new use cases emerge in Japan.
The Sei Foundation officially introduced the fund at the “Sei Web3 Day for Japan” event, co-hosted by Kudasai, New Economy, and CryptoBase. The event featured over 20 Japanese enterprises as speakers and served as a platform for deepening relationships within the local industry. This initiative underscores Sei's commitment to nurturing the thriving Japanese Web3 market.
Focus on Promising Investment Sectors
The Ecosystem Fund aims to attract local talent and identify promising Japanese startups, aligning with the Sei Foundation's objective to scale the Sei ecosystem. Justin Barlow, Head of BD and Investments at the Sei Foundation, emphasized the growth potential within the Japanese market, particularly in the gaming, social, and entertainment industries. “Japan has always been a leader in gaming, social, and entertainment, and we are excited about the potential of a new wave of crypto startups blossoming in Japan,” Barlow stated.
How to Apply?
Startup teams and individuals involved in gaming, social, or entertainment use cases in the Japanese market are encouraged to apply for funding. Applications can be submitted here.
Note: This announcement is for informational purposes only and does not constitute financial advice. Please conduct your research and evaluation before participating in any project. Investing in commercial ventures comes with its own set of challenges and risks. The Foundation will take a thoughtful and deliberate approach and will only invest in companies that align with its values. All investment returns will be cycled back into the grants program to sustainably support future builders.
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