Hack VC Launches $200 Million Crypto Seed Fund

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 largest blockchain programming occasions on the planet, goals to spend money on early stage Web3-based groups. The thought behind this fund is to accompany these groups every step of the best way, as an alternative of simply offering funding as with different, comparable proposals.

Hack VC Launches $200 Million Fund Backed by Sequoia Capital and Fidelity

Hack VC, a crypto-led enterprise capital group behind the hack.summit() blockchain programming occasion, announced 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 corporations within the subject and embrace investments from Sequoia Capital, Fidelity, A16z’s Marc Andreessen, and Digital Currency Group, amongst others.

The fund goals to implement a special method in terms 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, said:

While we got here from enterprise backgrounds, our objective 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 intention 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 Complete Support Stack

Managing accomplice Ed Roman elaborated on the help the fund plans to supply to groups concerned within the crypto fund. Roman offered the other ways wherein the fund can assist these groups to develop, together with hiring, promoting, and creating early communities.

Using hackjobs.org, hacksummit.org, and Hack Labs — three totally different instruments that the corporate options — will permit them to present the required consideration and develop these groups and their tasks, in line with Roman.

The fund is already energetic and is at present backing quite a few tasks, together with recognized names within the decentralized finance and NFT ecosystem. These tasks embrace Goldfinch Finance, NFT identification platform Yat, Web3 supplier Mysten Labs, the defi protocol Element.fi, and the metaverse recreation Syncity.

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