The post Hack VC Closes $150M Fund I, Increases Assets Under Management to $425M appeared on BitcoinEthereumNews.com.

Crypto venture firm Hack VC has closed a $150 million maiden fund, bringing total assets under management to $425 million. Hack VC is a long-time web3 investor, having backed over 100 projects since 2014. The firm remains firmly bullish on web3’s future potential and will deploy its new capital to seed critical infrastructure startups. Hack VC, a venture capital firm focused on early-stage web3 startups, has closed its first dedicated venture fund with $150 million in capital commitments. This brings the firm’s total assets under management to approximately $425 million. The new $150 million Fund I comes after Hack VC previously raised a $200 million seed fund. With the latest fundraise, the firm now has $350 million across its first two funds to invest in seed and early-stage crypto projects. Long History in Web3 Hack VC was founded by Alex Pack and Ed Roman and has been active in the web3 space since 2014. The firm focuses on backing critical infrastructure and protocols for web3, decentralized finance, NFTs, and tokenization. “While this fund is new, we have been investing in web3 since 2014, nearly as long as it has been an asset class,” said Pack and Roman in an announcement post. “We’ve invested in well over a hundred deals and seeded dozens of unicorns at and prior to Hack VC.” According to the partners, Hack VC has invested through at least three crypto market cycles and built up expertise in the volatile asset class. They remain firmly convinced in web3’s long-term potential. Betting on Web3 Future “With our new fund, we are planting a flag as unwavering long-term believers in web3, and committing to funding even more of the core blockchain technology that we have been investing in for so long,” said Pack and Roman. The firm sees parallels between…

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Filed under: News - @ February 21, 2024 5:12 pm