Web3-oriented startup Hack VC has successfully garnered a $150 million investment for its inaugural Venture Fund 1, propelling the company’s overall managed assets to $425 million. The firm plans to channel these funds into supporting early-stage companies at the nexus of Web3, security, and capital-efficient decentralized finance (DeFi) integrated with artificial intelligence (AI).
Strategic Funding Directions
Hack VC, with its newfound capital, aims to provide financial injections ranging from several hundred thousand dollars for incubators and individual founders to multi-million dollar support for promising initiatives. The firm’s Founding Partner Alex Pack and Managing Partner Ed Roman express their intent to also back protocols active on the blockchain ecosystem.
In recent ventures, Hack VC co-headed a $5.1 million seed funding for the DeFi app Affine Protocol and has led investment rounds for AltLayer, a rollups platform, and ImgnAI, a crypto-focused AI platform. The company’s current investment portfolio includes other prominent projects like Mysten Labs, EigenLayer, and ConsenSys. Additionally, Hack VC is a key supporter of the upcoming Web3 conference Hack.Summit, which is set to take place in Hong Kong.
Boosting the Crypto Industry
The crypto market’s positive trajectory, notably spearheaded by Bitcoin, is witnessing a surge in substantial investments, fueling rapid product development within the sector. This trend began with companies like Celestia and has continued to highlight the potential of roll-up projects.
Investment inflows are not just fortifying crypto companies but are also triggering airdrop events and yielding considerable returns for Web3 users. This financial participation is feeding into a virtuous cycle, further bolstering the bull market’s value within the cryptocurrency realm.