Hack VC closes $150 million for new venture fund, eyes web3, AI startups

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The Block2024/02/20 18:46

By:The Block

Quick Take The web3 venture firm Hack VC closed $150 million for its Venture Fund 1, raising its total assets under management to $425 million. Hack VC finances early-stage web3 firms focusing on security, capital-efficient DeFi and the intersection of web3 and AI.

Hack VC closes $150 million for new venture fund, eyes web3, AI startups image 0

Web3 venture firm Hack VC closed $150 million for its first venture fund, aptly called Venture Fund 1.

The closed funding brings the firm's total assets under management to $425 million, according to a company release . Hack VC said it intends to use the funds to finance early-stage startups developing infrastructure in security, capital-efficient decentralized finance and the intersection of web3 and artificial intelligence.

"We deploy anywhere from a few hundred thousand dollars into solo founders or incubations to several millions of dollars into projects in which we have conviction," said Hack VC Co-Founders and Managing Partners Alex Pack and Ed Roman in a statement. "We also set aside capital to support our protocols on-chain."

Hack VC recently led or co-led funding rounds for the rollups platform AltLayer and the crypto-native AI platform ImgnAI , in addition to co-leading a $5.1 million seed round for the DeFi app Affine Protocol last year, The Block previously reported . Other firms in Hack VC's portfolio include Mysten Labs, EigenLayer and ConsenSys. The firm also supports the web3 conference Hack.Summit scheduled for April in Hong Kong.

Hack VC did not immediately respond to The Block's request for comment.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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