August 20, 2024
ARC, an NFT-gated community with over 850 members, has raised $4.5 million to create a blockchain version of the Y Combinator framework. CEO and cofounder Elroy Cheo stated that they spent over two years building a global network of connections, expertise, developers, creators, and influencers to support Web2 brands and Web3 projects in Asia.
Project | Latest Raise | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|---|
ARC | $4.5M | August 20, 2024 | Arcane Group | NFT |
ARC, based in Singapore, aims to replicate the Y Combinator model for project incubation, market entry, and funding. Y Combinator is a well-known startup accelerator from San Francisco that has supported companies like Dropbox, Airbnb, and Stripe. Sam Altman, former President of Y Combinator, led the organization from 2014 to 2019.
The new funds will enhance ARC’s ecosystem by providing support for new Web3 projects, forming strategic partnerships, and streamlining the process from concept to market launch. The $4.5 million was raised by 163 members, with the Venture Capital firm Arcane Group leading the round. Other participants include Adrian Lai (The Newman Group), Arthur Cheong (Defiance Capital), Cecilia Lee, Germaine Jiang (Mask Network), and Chris Sirise (LiquidX Studio).
About ARC
ARC is a members-only community that connects influential people in the Global Asian Diaspora. It uses NFTs to grant membership and offers a platform for members to share ideas, resources, and networks. ARC aims to support Web2 brands and Web3 projects in Asia through its Social Venture Studio, which helps develop new businesses and projects.
Website: https://arccommunity.com/
About Investor
Investor: Arcane Group
Arcane Group is a venture capital firm based in Singapore that focuses on investing in Web3 and blockchain startups. They support entrepreneurs and projects that leverage the power of Web3 technology. Founded in 2022, Arcane Group also provides digital asset management solutions. Their mission is to back innovative technology leaders and help them scale their businesses.
Location: Singapore
Website: https://www.arcanegroup.io/
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