The TON Accelerator Program has announced as of the 22nd of May 2023 that it will allocate up to $25 million this year to projects that have the potential to make a significant impact on the expanding TON Ecosystem.
The capital will be provided by TONcoin.Fund, a $250 million TON-based fund dedicated to supporting founders, and will be funneled into various key projects, with a particular focus on decentralized finance (DeFi). Each project will receive between $50,000 and $250,000.
In addition to funding, each investment will be accompanied by partnership and mentorship from our accelerator partners, including: Gotbit, a hedge fund and market-making company offering trading and risk management solutions; Web3Port, a developer of tools facilitating connections between Web3 startups and contributors to drive innovation; Tonstarter, the leading fundraising platform on TON; TEB, an incubator for Web3 developers based in South Korea; and Cypher Capital, a United Arab Emirates-based multi-strategy crypto investment firm.
The pool of TON Accelerator Program partners is anticipated to expand even further as TON Foundation continues to establish strategic partnerships with major accelerators in the Web3 space.
“We are delighted to unveil TON Accelerator Program as our ecosystem continues to evolve and attract new talent,” said Justin Hyun, Head of Incubation and Growth at TON Foundation. “This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”
“This is a program that is unique within the Web3 universe today,” said Bill Qian, Chairman of Cypher Capital. “TON Accelerator Program is taking the well-known incubator principle from the Web2 ecosystem, refining it, and evolving it by incorporating the best practices of Web3 protocols and methodologies. We are delighted to play our part in this next generation program.”
The initial selection of projects for the funding round will focus on those that took part in Hack-a-TONx DoraHacks, a two-month-long virtual hackathon organized in collaboration with DoraHacks. DoraHacks is a leading global hacker organization that acts as a bridge, connecting hackers to enterprise challenges and entrepreneurial ideas.
Submissions are currently open for all MVP-ready projects built on TON (i.e. support TVM & TON smart-contract language) that are seeking marketing, business, and technology support. Proof-of-concept or prototype teams that require initial technical support should apply for earlier-stage grants.
Projects interested in participating in funding rounds can complete this form.