• Hack VC Announces the Launch of a $200 Million Crypto Seed Fund

  • Hack VC, a cryptocurrency investment business, has announced the establishment of a new $200 million crypto-based startup fund. The venture capital firm behind the hack.summit() event, one of the world’s largest blockchain programming events, intends to invest in early stage Web3-based teams. The goal behind this fund is to accompany these teams every step of the way, rather than simply providing funds, as is the case with other, comparable projects.

    Hack VC Announces the Launch of a $200 Million Fund Backed by Sequoia Capital and Fidelity

    Hack VC, the crypto-led venture capital firm behind the hack.summit() blockchain programming event, has announced the formation of a new $200 million crypto seed fund with the goal of investing in early-stage cryptocurrency and Web3 startups. The funds come from a variety of venture capital firms, including Sequoia Capital, Fidelity, A16z’s Marc Andreessen, and Digital Currency Group, among others.

    When it comes to nurturing these early-stage enterprises focused on DAOs, NFTs, and defi, the fund intends to take a unique approach. Alex Pack, one of the fund’s managers and the founder of Dragonfly Capital, stated:

    While we come from a venture capital background, our purpose is not to just create another venture fund. For the first time, cryptocurrency bridges the gap between investors and users. That is why we strive to be the first investment, first user, and fundamental community member in all of the crypto projects we support.

    Hack VC aspires to set itself apart from other comparable funds by providing full support to incubated teams rather than just sponsoring their activities.

    A Full Support Stack

    Ed Roman, managing partner, elaborated on the help the fund intends to provide to teams interested in the crypto fund. Roman discussed the various methods in which the fund might assist these teams in growing, such as hiring, advertising, and establishing early communities.

    According to Roman, using hackjobs.org, hacksummit.org, and Hack Labs — three separate platforms that the organization offers — will allow them to give the necessary attention and build these teams and their initiatives.

    The fund is already operational and is supporting a number of initiatives, including well-known personalities in the decentralized finance and NFT ecosystems. Goldfinch Finance, the NFT identification platform Yat, Web3 provider Mysten Labs, the defi protocol Element.fi, and the metaverse game Syncity are among these projects.

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