Hack VC Raises $150 Million for Venture Fund, Targets Web3 and AI Startups
Despite facing skepticism from institutional investors during various market cycles, the firm remained steadfast in its belief in the long-term viability of web3.
Hack VC, a venture firm specializing in web3 technologies, has successfully closed its Venture Fund 1 after securing $150 million in funding. With this latest capital infusion, the firm's total assets under management have reached $425 million, as outlined in a recent announcement.
Venture Fund 1 aims to support early-stage startups that are pioneering advancements in web3 infrastructure, particularly in areas such as security, decentralized finance (DeFi) with a focus on capital efficiency, and the convergence of web3 and artificial intelligence.
According to Co-Founders and Managing Partners Alex Pack and Ed Roman, the funding will be allocated to a range of projects, from solo founders and incubations receiving investments in the hundreds of thousands of dollars, to larger commitments of several million dollars for projects demonstrating significant potential. Additionally, a portion of the funds will be earmarked to provide on-chain support for the firm's protocols.
Having been actively investing in web3 since 2014, Hack VC brings a wealth of experience and expertise to the table, having supported numerous startups and seeded several unicorns over the years. Despite facing skepticism from institutional investors during various market cycles, the firm remained steadfast in its belief in the long-term viability of web3.
The recent down-cycle in the crypto market, characterized by heightened regulatory scrutiny and volatility, did not deter Hack VC's conviction in the potential of web3. Instead, the firm sees this period as a precursor to a new up-cycle, driven by ongoing innovation and resilience within the ecosystem.
Hack VC has already made strategic investments in various promising ventures within the web3 space. Notable examples include leading or co-leading funding rounds for platforms like AltLayer, which specializes in rollups technology, and ImgnAI, a crypto-native AI platform. Additionally, the firm played a significant role in a $5.1 million seed round for Affine Protocol, a DeFi application, last year.
Among the companies included in Hack VC's portfolio are Mysten Labs, EigenLayer, and ConsenSys, reflecting its diverse investment strategy across different segments of the web3 ecosystem.
Hack VC's investment theses revolve around enhancing the security of web3 infrastructure, improving capital efficiency and real-world applications in DeFi, and exploring the intersection of web3 and AI. By backing visionary entrepreneurs and catalyzing innovation, the firm aims to play a pivotal role in shaping the future of the Internet.
In conclusion, Hack VC's successful fundraising for Venture Fund I underscores its unwavering commitment to advancing web3 technologies and supporting the pioneers driving this transformative industry forward.
