Avalanche has chosen its first cohort, consisting of 15 early-stage web3 startups, for its Codebase accelerator program after receiving nearly 250 applications from over 30 countries. 

Codebase is an Avalanche Foundation initiative aimed at assisting in developing the next generation of web3 companies building on the blockchain. According to Thursday's announcement, the accelerator program offers each of its 15 cohort members between $500,000 and $1 million in funding. Additionally, selected projects will be eligible for the 10-week program’s $400,000 investment prize pool.

The Avalanche announcement added that Colony Lab, an established Avalanche accelerator, has partnered with Codebase to expand cohort funding. "Colony’s commitment to funding may surpass $1 million per …