Hack VC will spearhead a $200 million effort to power and fund new crypto, web3 and blockchain companies, according to the the San Francisco, CA-based crypto-native investment firm.
The $200 million crypto seed fund will invest in both protocols and companies, including DeFi, web3 infrastructure, DAOs and their tooling, NFT infrastructure, and more.
The fund will be co-led by managing partners Alex Pack and Ed Roman. Pack was previously a co-founder and managing partner of Dragonfly Capital, a multi-billion dollar cryptofund, as well as a co-founder of Imperii Partners, a leading crypto-specialist investment bank. He also helped launch the crypto practice at Bain Capital Ventures.
“While we came from venture backgrounds, our goal is not to just build another venture fund,” Alex Pack said in the statement. “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.”
Roman was previously CEO of 3 startups, has authored a best-selling book on programming, and has invested as a VC for the last 4 years under the Hack VC brand.
“We’re a full-stack solution to help web3 startups win in the market,” added Roman. “We begin by helping startups hire the right engineering team via our hackjobs.org community. Once the product is live, we evangelize it by emailing their content marketing to our 130,000 developer community which we created, hacksummit.org. We then become early protocol users ourselves via Hack Labs, an internal tech platform and dedicated team of quant researchers that supports institutional-grade crypto network participation and liquidity provisioning. This is go-to-market rocket fuel for crypto founders.”
Backing the fund will be tech and crypto giants, including Sequoia Capital, Fidelity, a16z’s Marc Andreessen and Chris Dixon, Accolade Partners, Digital Currency Group, and numerous institutional investors and endowments.
“Hack VC has its finger on the pulse of all things crypto,” said Shaun Maguire, partner at Sequoia Capital, an investor in the fund. “We love co-investing with Hack VC and are proud investors in what they’re building.”
The fund has invested in real-world DeFi lending protocol Goldfinch Finance, NFT identity platform Yat, web3 infrastructure provider Mysten Labs, fixed-rate DeFi protocol Element.fi, and blockchain metaverse game SynCity, among others. For startups looking for a crypto-native partner visit Hack.VC to learn more.
“Hack VC was one of our earliest and most ardent supporters. They have high conviction and saw our vision when we basically just had a slide deck. They’ve made absolutely key intros for us, and has a great grasp of the crypto landscape. If you’re raising in web3, you’ve gotta talk to Hack VC,” said Blake West, co-founder of Goldfinch Finance.
About Hack VC
Hack VC is a crypto-native venture capital firm that invests in crypto, blockchain infrastructure, and web3-native companies with investments across 100+ crypto startups and 25+ unicorns. More than just a technology fund, Hack VC has an in-house Crypto Lab – a one-of-a-kind technology platform with a dedicated team of crypto engineers and quant researchers that provides institutional-grade support for crypto networks, liquidity provisioning in DeFi, and governance for DAOs. Hack VC also has its own developer community with hack.summit(), the world’s largest blockchain programmer event and a worldwide community with 130K+ attendees across 157 countries. 100% of funds raised from hack.summit() go towards tech diversity, such as Black Girls Code and Women Who Code, to encourage the next generation of blockchain and crypto engineers. Hack VC also hosts the programming and crypto job board HackJobs.org.
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