Binance Labs became an independent venture fund today, as all ties with its parent company, Binance, have been severed.
The venture fund currently has a portfolio of more than $10 billion, which includes more than 250 projects from more than 25 countries. Impressively, the return on investment exceeds 14 times.
In the current reality, the fund plans to invest in Web3 projects that are in their early stages. In addition, Binance Labs offers its support to these projects, which includes mentoring and access to resources in the Binance ecosystem.
The fund was launched by the parent company earlier this year, but Binance Labs employees have different contracts than those at Binance.
Any Web3 project can apply for funding from the fund through a special Binance Labs Season 7 incubation program until April 15, 2024.
"The two-month program will begin in early May after a new group of approved projects is formed," Binance's blog post said.
The program, which was created to meet the growing needs of Web3 founders, is designed to refine the intricacies of building Web3 startups. Participants in the program will meet with mentors and also have access to chats with industry leaders, including experts from Binance Labs and portfolio companies.
The head of Binance Labs said that the fund aims to support promising early-stage projects.
It's worth noting that the previous, sixth round of project selection received hundreds of applications for funding, and only about 3% made it through. One of the top projects was DApp, an infrastructure provider for Ethena derivatives.
On February 19, Ethena Labs launched its USDe synthetic dollar on the public network, which caused widespread concern among investors, as the Ethereum-based synthetic dollar was launched with an annual percentage yield of 27.6%.
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