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 this planet, goals to spend money on early stage Web3-based groups. The concept behind this fund is to accompany these groups every step of the best way, as a substitute 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 spend money on early-stage cryptocurrency and Web3 groups. The funds come from a number of VC firms within the subject and embrace investments from Sequoia Capital, Constancy, A16z’s Marc Andreessen, and Digital Forex Group, amongst others.
The fund goals to implement a special strategy in the case of incubating these early-stage ventures centered on DAOs, NFTs, and defi. Alex Pack, one of many managers of the fund and founding father of Dragonfly Capital, acknowledged:
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 buyers and customers. That’s why we goal to be each the earliest investor, first consumer, and foundational community-member in all of the crypto tasks we again.
Hack VC desires to distinguish itself from different, comparable funds by providing full help for the incubated groups, and never simply funding their actions.
A Full Assist Stack
Managing associate Ed Roman elaborated on the help the fund plans to supply to groups concerned within the crypto fund. Roman introduced the alternative ways wherein the fund will 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 permit them to offer the required consideration and develop these groups and their tasks, in response to 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 embrace Goldfinch Finance, NFT id platform Yat, Web3 supplier Mysten Labs, the defi protocol Aspect.fi, and the metaverse sport Syncity.
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