cryptobriefing.com
Blockchain-focused investment firm, Sanctor Capital, and web3 capital firm, Press Start Capital, have announced today their partnership to launch The Multiplayer Fellowship, a novel pre-accelerator program targeting hyper-early-stage web3 founders. The program is set to fund 100 teams over the next 18 months, with an inaugural 8-week cohort beginning in February.
The program offers a $50,000 SAFE (Simple Agreement for Future Equity) investment, mentorship from industry leaders, and a community of founders without any program fees. Notable mentors from previous programs include Arthur Hayes (BitMEX co-founder), Kevin Lin (Twitch, Metatheory co-founder), Justin Waldron (Zynga, Storyverse co-founder), and Luca Netz (Pudgy Penguins CEO).
“The current web3 startup landscape does not provide builders with enough mentorship and operations support to make the leap from hackathon participation to top accelerators,” said Han Kao, founder of Sanctor Capital.
The new Multiplayer Fellowship builds on the success of Press Start’s previous fellowship programs. Half of the graduates from those earlier fellowships went on to join top accelerators such as Alliance DAO, a16z Crypto Startup School & SPEEDRUN, Binance Labs, and Y Combinator.
“The bar for top accelerators has only risen higher with time, creating a “valley of death” that many founders do not survive. We designed the fellowship to bridge this large gap by providing first checks, mentorship, and a founder community, akin to the early days of Y Combinator,” said Steven Chien, founder of Press Start Capital.
The collaboration between the two capital firms is expected to enhance the network, resources, and investment opportunities for participants of The Multiplayer Fellowship. The 8-week program culminates in a demo day where teams showcase to accelerator managers, VC funds, and angel investors.
“The team at Press Start has been incredibly hands-on. We wouldn’t be where we are today if it wasn’t for the support, advice, and intros that we got from Press Start,” noted Ray Song, co-founder of BBOX and a Press Start Fellowship alum.
Press Start Capital has been a pioneer in the pre-accelerator space since the bear market of 2022, while Sanctor Capital has been actively supporting web3 founders since its inception in 2021.
Interested teams have until February 9th to apply for the next cohort.