Hack VC Raises $150 Million for New Venture Fund
Hack VC, a Web3 venture capital firm, has announced the closure of its first venture fund after raising $150 million. The company raised the funds opportunistically during a bear market. This comes after Hack VC’s initial $200 million crypto fund raise in February 2022, bringing the firm’s total assets under management to over $425 million.
Co-founders Alex Pack and Ed Roman expressed their commitment to Web3 and their determination to invest in technical infrastructure. They emphasized the importance of building a stable base of technologies to support the growth of Web3 applications and improve blockchain security.
The venture fund includes investors such as major US pension funds, endowments, and foundations. Hack VC’s portfolio companies include Eigenlayer, Goldfinch, Bitwave, and Babylon.
Hack VC’s Focus on Infrastructure, DeFi, and AI
Hack VC is known for hosting developer conferences and hackathons, attracting thousands of attendees from around the world. With its new venture fund, the company aims to further support the core blockchain technology it has been investing in for years.
Aside from infrastructure development, Hack VC is also interested in two other pillars of Web3: decentralized finance (DeFi) and artificial intelligence (AI). The firm believes that DeFi will eventually become a valuable category like infrastructure, while AI will play a significant role in the Web3 space.
However, Hack VC is less focused on consumer-facing technology such as gaming and NFT projects. The company prefers to invest in more reliable and predictable businesses like infrastructure and DeFi.
The Future of NFTs and the Challenges of Web3
Regarding NFTs, Hack VC acknowledges that many have lost value, but believes that “blue chip NFTs” still hold value and there may be a comeback in the future. However, the company is more concerned with addressing the challenges of Web3 technology.
Hack VC compares the current state of Web3 to the mid-1990s internet, where the potential was evident but usability and infrastructure were lacking. They emphasize the need for a paradigm shift in scalability, security, and usability before Web3 is ready for mainstream adoption.
To support early-stage startups, Hack VC offers Hack.Labs(), an in-house tech platform that bridges the gap between GitHub and the marketplace.
🔥 Hot Take: Hack VC Stays Committed to Web3 Investment
Hack VC’s recent $150 million venture fund raise demonstrates its unwavering commitment to Web3 and its belief in the long-term potential of blockchain technology. The firm’s focus on technical infrastructure, DeFi, and AI aligns with its goal of supporting foundational technologies for Web3 applications.
While NFTs face challenges, Hack VC sees potential in “blue chip NFTs” and anticipates their comeback. However, the company prioritizes addressing the current limitations of Web3 technology to ensure scalability, security, and usability.
As Hack VC continues to invest in early-stage startups and support developers through conferences and hackathons, it aims to contribute to the growth and advancement of the Web3 ecosystem.
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