Hack VC Raises $150M Fund for Web3 Innovation

Hack VC, a Web3 VC firm, has closed its first fund at $150 million, expanding from its earlier $200 million seed round.

As an expansion of its earlier $200 million seed round, Hack VC, a Web3 VC firm whose founders have been investing in cryptocurrency since 2014, has closed its first fund at $150 million. Between the two rounds, the firm has raised $350 million, according to the announcement.

While Hack VC is just now announcing its first fund, it has already made significant investments in early-stage web3 infrastructure, particularly protocols, next-gen DeFi, and tokenization of real-world assets. A website announcement states that the firm’s total assets under control have increased to $425 million.

To the best of our knowledge, Hack VC was one of the few “institutional investors” in web3 during each of the past three bull-to-bear market cycles.

Supporting the hackers who are creating the Intern’s future as soon as possible is the company’s main aim. It has developed a full-stack platform that aids founders in reaching a wider audience and getting their products to market.

The business has assembled a group of professionals, such as researchers, quant traders, and engineers, to evaluate the many protocols and products in which it invests. In addition to establishing a partner network that collaborates closely with chosen projects, it also arranges summits and workshops for incubated businesses.

The convergence of Web3 and AI is one area where Hack is making investments. Tuesday, the business announced plans to invest in “generative AI infrastructure that can power new types of decentralized experiences” and “blockchain infrastructure that can support generative AI applications,” according to a blog post. Among Hack’s previous investments are the generative AI copilot Jasper AI and the AI coprocessor Ritual, both of which are designed for use with blockchain technology.

With the new fund, the corporation is showing that it still believes in Web3 technology, even if the sector has had its share of ups and downs in the previous two years.

“We are firmly establishing ourselves as staunch, long-term supporters of web3, and we are pledging to continue investing in the fundamental blockchain technology through our new fund.”