Hack VC Closes $150M Venture Fund 1 to Support Web3 Startups
Web3 venture firm Hack VC has successfully closed its first venture fund, Venture Fund 1, raising $150 million. This brings the firm’s total assets under management to $425 million. Hack VC plans to use the funds to finance early-stage startups that are developing infrastructure in security, decentralized finance, and the intersection of web3 and artificial intelligence.
The firm’s co-founders and managing partners, Alex Pack and Ed Roman, stated that they invest anywhere from a few hundred thousand dollars to several million dollars into projects they believe in. They also allocate capital to support their protocols on-chain.
Previously, Hack VC led or co-led funding rounds for AltLayer and ImgnAI, as well as co-leading a seed round for Affine Protocol. The firm’s portfolio also includes Mysten Labs, EigenLayer, and ConsenSys. Hack VC is also a supporter of the upcoming web3 conference Hack.Summit in Hong Kong.
About Author
MK Manoylov is a reporter for The Block with a focus on crypto news such as NFTs, metaverse, web3 gaming, funding, crime, hack, and the crypto ecosystem. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has covered health topics for WebMD and Insider. Follow MK on Twitter @MManoylov and LinkedIn.
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