Binance Labs is the venture capital and incubator arm of Binance, focused on identifying and supporting innovative founders who are building projects that are shaping the future of the Web3 industry. Binance Labs’ investments are blockchain-agnostic and stage-agnostic, with a primary focus on supporting the success of early-stage projects through its incubation programs.

Since 2018, Binance Labs’ portfolio spans 250 projects across 25 countries, with a 14X ROI. Binance Labs’ Web3 investments have resulted in backing notable companies such as: Optimism, LayerZero, Celestia, Aptos, Mysten Labs, Trust Wallet.

Over 50 of the portfolio companies have been incubated by Binance Labs, including Dune Analytics, Injective Labs, Polygon and SafePal.

Embracing resilience in the face of transformation

Binance Labs remained committed to investing in projects with transformational solutions amid the market slowdown in 2023, accounting for over 25 investments in the Web3 space. Crypto VC funding faced headwinds in Q3 2023, reporting a 36% downtrend in both market cap and transaction count compared to the previous year. According to Messari, Binance Labs was the most active VC in Q2 and Q3 2023, specifically in the DeFi and Web3 Gaming space.

Binance Labs’ investment thesis continues to support projects that are laying the foundation for a sustainable ecosystem and fostering scalability, while exploring application layers that facilitate mass adoption in blockchain applications. Investments in 2023 have focused on infrastructure and tools powered by Zero-Knowledge Proof techniques, Web3 Games that catalyze widespread adoption, and DeFi innovations that are taking major steps forward for Web3.

Investment Highlights

Infrastructure

  • $10 million investment in Neutron, a cross-chain smart contract platform on Cosmos that was the first blockchain to launch on Replicated Security.

  • Investment in AltLayer through the MVB 6 Program. AltLayer is a system of execution layers dedicated to highly scalable applications that derive security from an underlying L1/L2.

DeFi

  • Investing in Radiant Capital, a lending protocol that unites fragmented liquidity across DeFi.

  • $5 million investment in Curve DAO Token (CRV), supporting Curve and its deployment on the BNB Chain.

  • $10M investment in Helio Protocol, a decentralized stablecoin lending protocol on the BNB Chain that offers multi-chain StaaS and LS

Web3 Games

  • $15 million investment in Xterio, a Web3 gaming platform and developer led by gaming veterans that bridges free-to-play and on-chain gaming.

  • Early-stage investment in GOMBLE, the South Korean blockchain-based casual game developer and affiliate of game publisher 111Percent.

  • Investment in Sleepless AI through the MVB 6 Program. Sleepless AI is a blockchain and AI-based virtual companion mode game that utilizes AIGC and LLMs to create rich story-driven gameplay and organically evolving character interactions.

Tools

  • Early-stage investment in Delphinus Lab, an infrastructure provider that implemented the first known open-source zkWASM virtual machine.

  • Investing in Arkham Token (ARKM), Arkham's native token that powers its Intel-to-Earn economy.

Incubation Program

By 2023, over 2,000 global startups have applied to Binance Labs’ incubation programs across two seasons. Binance Labs offers two biannual Incubation programs with four programs each year, providing early-stage founders and creators with a curated curriculum and one-on-one mentorship from the Binance Labs Investment team. These programs leverage resources and expertise across the Binance ecosystem, supporting projects to achieve product-market fit.

  • Binance Labs Incubation Program - a chain-agnostic blockchain program focused on building Web3 startups that helps founders succeed in a dynamic industry environment for long-term growth.

  • The Most Valuable Builder (MVB) Accelerator Program - a BNB Chain-focused program organized in partnership with BNB Chain, supporting exceptional builders and startups that are driving progress within and outside the BNB Chain ecosystem.

    • Startup Track - focuses on accelerating early-stage cryptocurrency projects

    • Founder Track - focuses on supporting and incubating builders to help them become successful founders

To kick off Season 6 of the Binance Labs Incubation Program, Binance Labs hosted a founder-focused meetup during EthCC Paris in July for program alumni, portfolio founders, and founders interested in the program to network and meet the Binance Labs Investment team. Additionally, Binance Labs hosted the first-ever Incubation Showcase during Binance Blockchain Week 2023, allowing projects from the incubation groups to pitch to investors and gain exposure with attendees.

We have expanded Season 7 of the MVB program to include two tracks with CMC Labs joining the partnership. The Startup Track, which has been the core of MVB since its inception, is designed to support early-stage startups building on BNB Chain to find product-market fit. While the newly added Founder Track serves as a venture investment studio committed to incubating 100 innovative ideas that address real-world needs. These ideas are earmarked for deployment on BNB Chain, with support and close collaboration with the Binance Labs investment team. Additionally, Binance Labs and BNB Chain have teamed up with CMC Labs, the accelerator arm of CoinMarketCap, in order to provide greater exposure and services to participating projects during Season 7 of the programs.

In 2023, Binance Labs provided funding to nine outstanding projects that participated in the Binance Labs Incubation Program Season 5 and MVB Accelerator Program Season 6: AltLayer, Bracket Labs, dappOS, KiloEx, Kinza Finance, KryptoSkatt, Mind Network, Sleepless AI, zkPass, and incubated and accelerated 36 projects.