XDC Network and Foundership Partner to Provide Over $2 Million in Funding for Web3 Startups During Token 2049

Focus on enterprise-grade blockchain solutions, with growing interest from institutional investors

September 26, 2024 — Singapore: XDC Network, a Layer 1 blockchain infrastructure specializing in enterprise applications, has formed a strategic partnership with Foundership, a prominent Web3 accelerator, to support early-stage Web3 startups.

This initiative was announced at the prestigious Token 2049 event, held at the 80RR Fintech Hub, where over $2 million in funding was pledged to drive the development of more than 10 innovative startups.

  Targeted at fostering enterprise-grade blockchain solutions, the partnership aims to attract institutional investors to blockchain use cases beyond cryptocurrency, including decentralized finance (DeFi) and tokenization. Startups like Zayn Network, MetaSoccer, Akka Finance, Earnscape, Fandora, Panenka FC, Open Work, Resmic, Circle of Games, and Zon Network presented their startups to venture capital firms and industry leaders, attracting considerable interest from financial backers eager to co-invest alongside XDC and Foundership.

  Ritesh Kakkad, Co-Founder of XDC Network, emphasized the ecosystem’s ability to support the next wave of blockchain innovation, stating: “This partnership aligns with our long-term vision of creating robust enterprise-grade applications. By offering capital and mentorship, we are accelerating the transformation of promising ideas into scalable solutions.”

 

Meanwhile, Santosh Panda, Co-Founder of Foundership, noted that this collaboration underscores the importance of pairing financial backing with strategic guidance: “Our accelerator program is designed to give startups the edge they need to succeed in the competitive Web3 landscape, with a special focus on enterprise applications.”

XDC Network’s collaboration with Foundership complements its broader strategy of working with top global incubators like Brinc, Plug and Play, and Tenity, creating a vibrant pipeline of blockchain-driven startups.

Web3 startups attracted approximately $3.7 billion in venture capital during the first six months of 2024, spanning two quarters. In Q1, these startups brought in nearly $1.9 billion through 346 funding deals, marking a significant 58% jump from the prior quarter. This positive momentum continued into Q2, with another $2 billion secured, reflecting a steady increase. Key areas capturing investor attention included blockchain infrastructure, DeFi, and decentralized social media networks.

About XDC Network
Launched in 2017, XDC Network is a secure, scalable, and interoperable Layer 1 blockchain infrastructure designed for trade finance, RWA, Tokenization, Payment and DePIN. More details at : xinfin.org and xdc.org

About Foundership
Foundership is a global Web3 accelerator program supporting early-stage startups with resources, mentorship, and investment opportunities to drive their growth and success.