Web3 venture firm Hack VC closed $150 million for its first venture fund, aptly called Venture Fund 1.
The closed funding brings the firm’s total assets under management to $425 million, according to a company release. Hack VC said it intends to use the funds to finance early-stage startups developing infrastructure in security, capital-efficient decentralized finance and the intersection of web3 and artificial intelligence.
“We deploy anywhere from a few hundred thousand dollars into solo founders or incubations to several millions of dollars into projects in which we have conviction,” said Hack VC Co-Founders and Managing Partners Alex Pack and Ed Roman in a statement. “We also set aside capital to support our protocols on-chain.”
Hack VC recently led or co-led funding rounds for the rollups platform AltLayer and the crypto-native AI platform ImgnAI, in addition to co-leading a $5.1 million seed round for the DeFi app Affine Protocol last year, The Block previously reported. Other firms in Hack VC’s portfolio include Mysten Labs, EigenLayer and ConsenSys. The firm also supports the web3 conference Hack.Summit scheduled for April in Hong Kong.
Hack VC did not immediately respond to The Block’s request for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.