By
Steve Muchoki
April 25th, 2024
Hack VC intends to fund early-stage Web3 projects with as low as a few hundred thousand dollars to several millions of dollars depending on the developers’ conviction.
Hack VC Management LLC has closed the first venture fund with $150 million secured from strategic investors. According to the announcement, the raised amount is a natural extension of the company’s initial seed funding round that secured $200 million. With $350 million received from strategic investors, Hack VC now has a total of $425 million in Assets Under Management (AUM).
According to Alex Pack and Ed Roman, the co-founders and managing partners at Hack VC, the raised funds will be used to invest further in early-stage Web3 infrastructure. Furthermore, the duo has been involved in the cryptocurrency market for the past three bull cycles and managed to grow through notable headwinds.
The co-founders noted that the mass adoption of digital assets and Web3 platforms requires secure and scalable infrastructure that respects the user’s privacy. Before the conceptualization of the Hack VC, Pack and Roman highlighted that they had invested in more than a hundred deals and seeded dozens of unicorns.
“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,” the co-founders noted.
Hack VC and Web3 Industry
Hack VC co-founders believe the Web3 industry is in the early stages of mainstream adoption akin to the Internet during the 1990s. As a result, the venture capital firm is focused on funding web3 developers who are building the necessary infrastructure to enable mass adoption of digital assets.
With the notable attacks on multi-chain smart contracts, Hack VC intends to fund more developers using secure infrastructure. For instance, the company noted that the Move programming language is a reputable infrastructure for blockchain technology, as observed by the success of the Sui (SUI) network.
Already, the Movement Labs, a layer two protocol backed by Hack VC, is working on bringing the Move programming language to the Ethereum network. The Hack VC funds have also helped EigenLayer, a protocol that enables users to restate their ETH and secure the ecosystem for regular reward. The Hack VC funds have also backed the Altlayer protocol, which allows Web3 developers to build EigenLayer-backed restaked rollups.
In a bid to enable mass adoption of web3 protocols, Hack VC has funded Goldfinch to help onboard private credit markets to on-chain protocols. The venture capital firm has also invested in Mo, a middleware infrastructure that enables institutions to mint crypto-dollars.
The company has also invested in Berachain, a fast-growing layer one network that uses the proof-of-liquidity consensus mechanism.
Hack VC has also invested in Vertex Finance, a decentralized derivatives exchange that enables cross-margining.
In the artificial intelligence and web3 sector, Hack VC has invested in Jasper AI, a generative AI copilot for enterprises, and Ritual, an AI coprocessor for blockchains.