Hack VC, a crypto funding agency, has launched a brand new $200 million crypto-based seed fund. The enterprise capital firm, which is behind the hack.summit() occasion, one of many greatest blockchain programming occasions on the planet, goals to put money into early stage Web3-based groups. The thought behind this fund is to accompany these groups every step of the way in which, as an alternative of simply offering funding as with different, comparable proposals.
Hack VC Launches $200 Million Fund Backed by Sequoia Capital and Constancy
Hack VC, a crypto-led enterprise capital group behind the hack.summit() blockchain programming occasion, introduced it’s launching a brand new $200 million crypto seed fund, that goals to put money into early-stage cryptocurrency and Web3 groups. The funds come from a number of VC firms within the subject and embody investments from Sequoia Capital, Constancy, A16z’s Marc Andreessen, and Digital Foreign money Group, amongst others.
The fund goals to implement a distinct strategy with regards to incubating these early-stage ventures targeted on DAOs, NFTs, and defi. Alex Pack, one of many managers of the fund and founding father of Dragonfly Capital, said:
Whereas we got here from enterprise backgrounds, our aim is to not simply construct one other enterprise fund. For the primary time ever, crypto breaks down the divide between traders and customers. That’s why we intention to be each the earliest investor, first person, and foundational community-member in all of the crypto tasks we again.
Hack VC needs to distinguish itself from different, comparable funds by providing full assist for the incubated groups, and never simply funding their actions.
A Full Help Stack
Managing companion Ed Roman elaborated on the assist the fund plans to supply to groups concerned within the crypto fund. Roman introduced the other ways wherein the fund might help these groups to develop, together with hiring, promoting, and creating early communities.
Utilizing hackjobs.org, hacksummit.org, and Hack Labs — three completely different instruments that the corporate options — will enable them to provide the required consideration and develop these groups and their tasks, based on Roman.
The fund is already lively and is at present backing plenty of tasks, together with recognized names within the decentralized finance and NFT ecosystem. These tasks embody Goldfinch Finance, NFT identification platform Yat, Web3 supplier Mysten Labs, the defi protocol Ingredient.fi, and the metaverse recreation Syncity.
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