Draper Backs Cardano Accelerator with $80 Million Ecosystem Fund

Billionaire investor Tim Draper has partnered with Cardano and Orion Fund to launch the Apex Growth Accelerator, a program designed for startups that already have something substantial to build on. The initiative is quite a big deal because it is meant for 'investor-ready startups,' according to Draper University's own description.

The program, powered by $80 million ecosystem fund Orion Fund, launched earlier this year by Cardano and Draper Dragon, aims to support companies building around Cardano. Draper University will serve as the acceleration partner for the initiative. The organizers are looking for startups working on DeFi infrastructure, real-world assets, and other areas.

The Apex Growth Accelerator is a 10-week program that begins on October 5 and closes applications on September 1. Participants will receive up to $70,000 in investment with a target of 3.5% equity, giving founders access to Draper University's Silicon Valley network. The program is structured around an investment relationship.

Draper has long been associated with early investments in major technology and cryptocurrency companies. As reported by U.Today, the early Bitcoin backer recently predicted that the price of the leading cryptocurrency could surge all the way up to $250,000.