Raising its assets to $425 million, Hack VC successfully closes $150 million for its Venture Fund 1, focusing on web3 and AI firms in their early stages. The fund intends to invest in web3-AI integration, security, and DeFi.
According to the company release, the closed funding raises the firm’s total assets to $425 million.
Hack VC said the money would support early-stage companies building security infrastructure, capital-efficient decentralized banking, and the interface between web3 and artificial intelligence (AI).
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Adoption of Web3 Platforms
The co-founders and managing directors of Hack VC, Alex Pack and Ed Roman, said the funds raised would be used to make additional investments in early-stage web3 infrastructure. Additionally, both co-founders have been involved in the cryptocurrency market for the past three bull cycles and have grown despite significant obstacles.
However, the co-founders stated that the widespread usage of digital assets and Web3 platforms requires a secure and scalable infrastructure that upholds users’ privacy. Before conceptualizing the Hack VC, Pack and Roman said they had invested in over a hundred projects and seeded dozens of unicorns.
We wrote all about our new $150M Venture Fund (which brings our AUM to ~$420M) in our latest blog. Check it out for more on our vision for the fund, deep conviction in web3, and excitement to support our founders. Read more: https://t.co/zTPDe2mE4V
— Hack VC (@hack_vc) February 20, 2024
Furthermore, the co-founders noted that with their new fund, they are planting a flag as unwavering long-term believers in web3 and committing to funding even more of the core blockchain technology they have invested in for so long.
The co-founders added that they deploy anywhere from a few hundred thousand dollars into solo founders or incubations to several millions of dollars into projects in which they have conviction. They noted that they also set aside capital to support their protocols on-chain.
Funding DeFi Apps
Hack VC has led or co-led funding rounds for the rollup 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. Additional firms in Hack VC’s portfolio include ConsenSys, EigenLayer, and Mysten Labs. Additionally, the firm supports Hack.Summit, a web3 conference scheduled for April in Hong Kong.
Announcing the 2023 #hacksummit — a virtual developer conference, happening March 31-April 1. Learn from the technical leaders of #blockchain and #web3 while helping great charities. Check it out: https://t.co/bgcamv7lGZ pic.twitter.com/t0N9eIrLuW
— Hack Summit (@hack_summit) March 8, 2023
Hack VC co-led a $5.1 million seed round for the DeFi app Affine Protocol last year and has recently led or co-led fundraising rounds for the rollup platform AltLayer and the crypto-native AI platform ImgnAI. Other companies in Hack VC’s portfolio include Mysten Labs, EigenLayer, and ConsenSys.
Web3 Industry and Hack VC
In response to the significant attacks on multi-chain smart contracts, Hack VC plans to fund more developers using secure infrastructure. The Move programming language is currently being developed by Movement Labs, a layer two protocol backed by Hack VC, to be integrated into the Ethereum network.
1/ You may have heard about the MOVE programming language by now.@SuiNetwork and @Aptos_Network use it, but with @movementlabsxyz, MOVE is now making its way to the Ethereum Virtual Machine (EVM).
🧵 The Moveus Thesis to Why this is HIGHLY Promising for Web3. pic.twitter.com/U1VG1hXCmA
— Moveus Jr. ⚡️ (@MovementMaxi) February 20, 2024
EigenLayer, a protocol that enables users to restate their ETH and secure the ecosystem for regular rewards, has also benefited from Hack VC. The Altlayer protocol, which enables Web3 developers to create EigenLayer-backed restaked rollups, has also received backing from Hack VC funds.
Additionally, Hack VC has sponsored Goldfinch to assist in onboarding private credit markets to on-chain protocols to facilitate the widespread adoption of web3 protocols. The venture capital firm has also invested in Mo, a middleware infrastructure that allows institutions to mint crypto-dollars.
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