Hack VC, a crypto investment firm, has launched a new $200 million crypto-based seed fund. The venture capital company, which is behind the hack.summit() event, one of the biggest blockchain programming events in the world, aims to invest in early stage Web3-based teams. The idea behind this fund is to accompany these teams each step of the way, instead of just providing funding as with other, similar proposals.
Hack VC launches $200 million fund backed by Sequoia Capital and Fidelity
Hack VC, a crypto-led venture capital group behind the blockchain programming event hack.summit(), has announced the launch of a new $200 million crypto seed fund, which will aims to invest in early-stage cryptocurrency and Web3 teams. The funds come from several venture capital firms in the space and include investments from Sequoia Capital, Fidelity, Marc Andreessen of A16z and Digital Currency Group, among others.
The fund aims to implement a different approach when it comes to incubating these early-stage ventures focused on DAOs, NFTs, and defi. Alex Pack, one of the managers of the fund and founder of Dragonfly Capital, stated:
Although we come from a venture capital background, our goal is not just to start another venture capital fund. For the first time ever, crypto is bridging the gap between investors and users. This is why we aim to be both the first investor, the first user and the founding member of the community in all the crypto projects we support.
Hack VC wants to differentiate itself from other, similar funds by offering full support for the incubated teams, and not just funding their activities.
A full support stack
Managing Partner Ed Roman explained the support the fund plans to offer teams involved in the crypto fund. Roman outlined the different ways the fund can help these teams grow, including hiring, advertising, and building early communities.
Using hackjobs.org, hacksummit.org, and Hack Labs — three different tools that the company features — will allow them to give the required attention and grow these teams and their projects, according to Roman.
The fund is already active and is currently supporting a number of projects, including household names in the decentralized finance and NFT ecosystem. These projects include Goldfinch Finance, NFT identity platform Yat, Web3 provider Mysten Labs, defi protocol Element.fi, and metaverse game Syncity.
