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.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.