Israel’s Most Prominent VC Pitango Launches First Labs Investment DAO to Bridge Web2 and Web3

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Tel Aviv, Israel, 7th June, 2022, Chainwire

Top web2 VC Pitango has launched First Labs, a thesis-driven web3 lab designed to bridge the traditional economy and web3. Israel’s leading venture capital firm, Pitango operates seed and early venture fund Pitango First. The latter has now masterminded First Labs, which incorporates Israel’s first investment DAO to support the needs of web3 investors, entrepreneurs and developers.

First Labs will support investment in early stage companies utilizing web3 technologies including blockchain, tokenization, NFTs, and metaverses. It will identify ventures that have sustainable growth models through equity and/or token-based investments. More than just a web3 investment fund, First Labs will provide the mentoring to help projects realize their potential by introducing them to its extensive partner network.

Ayal Itzkovitz, Managing Partner at PItango First: “We’ve been involved in the crypto space in the last five years and have been following it closely. We believe that the time is ripe to bring the VC and crypto native community together in a new, modern, and relevant vehicle that will foster innovation and support sustainable venture building in the Web 3.0 space”  

In keeping with the democratic, community-centric principles that underpin web3, First Labs will operate a novel investment DAO, known as First DAO. Founding members of the DAO include Aviv Barzilay, core members of the Pitango First team, and leading blockchain figures including Tomer Weiss, Amit Peled, Oren De-lange and MarketAcross partners Nadav Dekner, Elad Mor, and Itai Elizur

Aviv Barzilay, Head of First Labs said: “From liquidity