San Francisco-based BTC pre-accelerator firm Bitcoin Startup Lab has raised $1.5 million in a strategic funding round led by Sora Ventures. This puts the firm’s valuation at $20 million.
Bitcoin Startup Lab
Bitcoin Startup Lab aims to advance Web3 development on the Bitcoin network by supporting entrepreneurs in building their projects.
Through its startup boot camp program, budding innovators attend a two-part training program going through concepts such as idea validation and business model development.
Achieving part one milestone will advance applicants to the next stage, which includes tackling areas including tokenomics design, building a social media presence, and applying for grants and fundraising.
The website encourages people with the grit to advance Bitcoin’s Web3 future to apply, reading:
“If you believe you have the courage, intelligence, and determination, then keep reading to learn about the benefits you’ll gain from becoming part of our community and completing our startup program.”
Web3 on Bitcoin
With developer Casey Rodarmor rolling out the Ordinals protocol in January, Bitcoin has become a chain capable of more than just monetary transactions.
Since then, a wave of developments has opened up innovations that include NFTs, and BRC-20 tokens, with plans to bring staking functionality via the BRC-30 standard.
Although the changes have sparked division within the community, Bitcoin Startup Lab envisions a sustainable BTC-based economy via these innovations.
The Managing Director and Co-founder of Sora Ventures, Jason Fang, lent his support to the innovators, saying people should not discount the impact of Bitcoin Web3. He said:
“There is no doubt that this is the beginning of something big, and the team at Bitcoin Startup Lab is in a position to build some of the finest companies in this space. This is a rocket ship that we cannot miss!”
Bitcoin Startup Lab told CryptoSlate that its boot camp program “offers a no-nonsense curriculum that empowers founders to develop skills in applying Bitcoin tech and market advantages.”
In addition, the program also offers mentorship, and co-founder matching, which includes testing to determine team fit.
Applications to join the boot camp are now open.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
