Hack VC Secures $150 Million for Web3 Venture Fund

Venture firm Hack VC has raised $150 million for a fund named Venture Fund I, aimed at supporting projects within the Web3 ecosystem.

We wrote all about our new $150M Venture Fund (which brings our AUM to ~$420M) in our latest blog. Check it out for more on our vision for the fund, deep conviction in web3, and excitement to support our founders. Read more: https://t.co/zTPDe2mE4V

— Hack VC (@hack_vc) February 20, 2024

The firm plans to use the funds to finance startups developing Web3 infrastructure in areas such as security, DeFi, real-world asset (RWA) tokenization, and AI-related solutions.

Investment amounts will range from “a few hundred thousand dollars” for individual founders to “millions” for established teams.

According to the statement, Hack VC previously raised $200 million for its first seed fund. The company’s assets under management are valued at approximately $425 million.

Founders Alex Pack and Ed Roman are convinced that Web3 “is here to stay,” though the next-generation internet is not yet ready for mass adoption.

However, they believe the next “Google, Microsoft, Amazon, and Alibaba” are either already launched or will emerge soon.

“Our job at Hack VC is to find and support these critical pieces of Web3 infrastructure, which we have been doing for over a decade,” the entrepreneurs stated.

Recent investments by the firm include:

• Blockchain startup Superstate, founded by Compound’s Robert Leshner, focused on managing tokenized RWAs;
• A project using Bitcoin for staking, Babylon;
• Ethereum restaking protocol EigenLayer.

In 2023, venture capitalists invested $10.7 billion in blockchain startups, with Web3 projects becoming a priority funding area.