Switzerland-based consortium Crypto Valley Venture Capital (CV VC), a venture capital company investing in blockchain, has launched an incubator with a $100 M goal, swissinfo.ch reported. The incubator, dubbed “Genesis Hub”, was launched in Switzerland’s Crypto Valley in the canton of Zug, a government-backed consortium founded with the aim of “supporting the development of blockchain and cryptographic-related technologies and businesses.”
Currently, the incubator includes 20 blockchain startups, though it plans to eventually fund 60 new companies per year. As part of the initiative, investee startups will complete CV VC’s three-month kickstart program, with $125,000 as seed funding, while the most auspicious projects will receive later-stage financing. Working out of the established CV Labs co-working space in Zug, the start-ups will receive support and mentoring from a team of experienced business and technology consultants. In return to CV VC’s financial support, startups will give a stake in their business of up to 8 percent in the form of shares or digital tokens.
The company’s long-term goal is reportedly to open doors for 1,000 blockchain companies around the world each year. The ambitious plans of CV VC involve establishing similar incubators in around the world, i.e. in rest of Europe, Asia, North America and possibly the United Arab Emirates, too.
