Web3 venture firm Hack VC has closed $150 million for its first venture fund, called Venture Fund 1.
According to a company release, the closing financing brings the company’s total assets under management to $425 million. Hack VC said it plans to use the funds to fund early-stage startups developing infrastructure at the intersection of security, capital-efficient decentralized finance, web3 and artificial intelligence.
“We invest anywhere from a few hundred thousand dollars in a single founder or incubation to millions of dollars in projects we believe in,” Alex Pack and Ed Roman, co-founders and managing partners of Hack VC, said in a statement. “We have also set aside capital to support on-chain protocols.”
Hack VC recently led or co-led funding rounds for rollup platform AltLayer and cryptocurrency-based AI platform ImgnAI, and last year co-led a $5.1 million seed round for DeFi app Affine Protocol, The Block previously reported. there is. Other companies in the Hack VC portfolio include Mysten Labs, EigenLayer, and ConsenSys. The company also supports the web3 conference Hack.Summit, scheduled for April in Hong Kong.
Hack VC did not immediately respond to The Block’s request for comment.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.