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 hack.summit() blockchain programming event, announced it is launching a new $200 million crypto seed fund, that aims to invest in early-stage cryptocurrency and Web3 teams. The funds come from several VC companies in the field and include investments from Sequoia Capital, Fidelity, A16z’s Marc Andreessen, 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:
While we came from venture backgrounds, our goal is not to just build another venture fund. For the first time ever, crypto breaks down the divide between investors and users. That’s why we aim to be both the earliest investor, first user, and foundational community-member in all the crypto projects we back.
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 Complete Support Stack
Managing partner Ed Roman elaborated on the support the fund plans to offer to teams involved in the crypto fund. Roman presented the different ways in which the fund can help these teams to grow, including hiring, advertising, and creating 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 backing a number of projects, including known names in the decentralized finance and NFT ecosystem. These projects include Goldfinch Finance, NFT identity platform Yat, Web3 provider Mysten Labs, the defi protocol Element.fi, and the metaverse game Syncity.
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