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Hack VC Bullish on Crypto With $150M Seed Venture Fund

Expanding from its initial $200 million seed round, the company has secured an additional $150 million for its inaugural venture fund.

Thu, 22 Feb 2024, 09:39 am UTC

Hack VC, a Web3 venture capital firm, announced its first venture fund, demonstrating resilience after navigating multiple bull-to-bear market cycles.

The firm revealed that it raised $150 million for the fund during what it described as a bear market opportunity.

Market Challenges

Despite skepticism from institutional investors throughout various market cycles, co-founders and managing partners Alex Pack and Ed Roman remained steadfast in their commitment to Web3 investment.

They emphasized their focus on investing in technical infrastructure, considering it fundamental for building blockchains and fostering long-term applications.

Hack VC's portfolio comprises a range of innovative companies, including Eigenlayer, Goldfinch, Bitwave, and Babylon, all contributing to the advancement of the crypto and Web3 ecosystem.

Expanding Investment Reach

The firm refrained from disclosing specific participants in the venture fund but noted the involvement of major US pension funds, endowments, and foundations.

According to Decrypt, with total assets under management exceeding $425 million, Hack VC aims to bolster its investment initiatives further and support early-stage projects shaping the future of technology.

Hack VC's reputation extends beyond investment, as it has actively fostered community engagement through developer conferences and hackathons.

According to Axios, these initiatives have attracted a diverse global audience, reflecting the firm's commitment to nurturing talent and innovation within the Web3 space.

Pioneering Early-Stage Investment

With the launch of its new venture fund, Hack VC aims to identify and support promising founders at the earliest stages of development through Hack.Labs(), an in-house tech platform, seeks to provide comprehensive support to entrepreneurs, bridging the gap from conceptualization to market realization.

As the crypto and Web3 landscape evolves, Hack VC remains dedicated to championing innovation and driving the next wave of groundbreaking technologies forward. With its strategic investments and community-focused approach, the firm is well-positioned to shape the future of Web3.

Photo: Adeolu Eletu/Unsplash

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