Delphi Labs Raises $13.5M for Web3 Accelerator
P2P led and Jump Crypto joined the incubator’s first external funding round.
Delphi Labs, the incubation arm of crypto research firm Delphi Digital, has raised $13.5 million in a round led by P2P, the creator of liquid staking provider Lido, with participation from noted investment firm Jump Crypto. The funds will go toward building out an accelerator that aims to foster the growth of teams working to launch Web3 projects. The raise was Delphi’s first time courting outside investments.
“Over our ~6 years in crypto, we’ve consulted for, invested in, and helped build several multi-billion dollar protocols across every vertical in crypto. We know first-hand how hard it is to build a crypto startup and we’ve experienced all the common pitfalls,” wrote the Delphi team in a draft announcement post shared with CoinDesk.
Each team in the accelerator will receive $200,000 in funding. The main part of the program will last from four to six months, and project teams will be introduced to Delphi’s network of potential investors at the end of the program. Participants will receive hands-on advice from a core team of engineers, economists, designers, lawyers and entrepreneurs on everything from product development, legal advice and go-to-market strategies.
Delphi Labs said that the plan is to scale up to 10 teams per year. Each cohort of the accelerator will be focused on a particular Web3 ecosystem to allow for a more targeted approach to support. The first cohort will focus on the Cosmos ecosystem; applications are now open.
“Delphi has an exceptional team with extensive experience and a deep understanding of all aspects of managing a Web3 project. Their expertise ranges from intricate legal structures to tokenomics design and development, as well as building truly decentralized protocols and selecting the ideal technology stack,” said P2P founder Konstantin Lomashuk. “If I were to enter this field and launch a new venture, I would undoubtedly do so through the innovative Delphi Accelerator.”
Read more: Jump Crypto Wants You to Know Its Name
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.