Hack VC Closes $150M Fund I, Increases Assets Under Management to $425M

Crypto venture firm Hack VC has closed a seed fund of $150 million, bringing total assets under management to $425 million. Hack VC is a long-time investor in web3, having backed over 100 projects since 2014. The firm remains bullish on the future potential of web3 and will deploy its new capital to launch critical infrastructure businesses.

Hack VC, a venture capital firm focused on early-stage web3 startups, has closed its first dedicated venture capital fund with capital commitments of $150 million. 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 fundraising, the firm now has $350 million in its first two funds to invest in startup and early-stage crypto projects.

A long history in Web3

Hack VC was founded by Alex Pak and Ed Roman and has been active in the web3 space since 2014. The firm focuses on supporting critical web3 infrastructure and protocols, decentralized financeNFT and Tokenization.

“Although this fund is new, we have been investing in web3 since 2014, almost as long as it has been an asset class,” Pak and Roman said in an announcement post. “We’ve invested in over a hundred deals and placed dozens of unicorns on and before Hack VC.”

According to the partners, Hack VC has invested in at least three cycles of the crypto market and has gained experience in the volatile asset class. They remain firmly convinced of web3’s long-term potential.

Betting on the future of Web3

“With our new fund, we’re planting a flag as steadfast long-term believers in web3 and committed to funding even more of the core blockchain technology we’ve invested in for so long,” Pak and Roman said.

The firm sees parallels between the current state of web3 and the early days of the Internet before the dot-com boom. Hack VC aims to identify and support critical web3 infrastructure projects that can help drive mainstream adoption.

Key Dissertation Areas

Some of Hack VC’s core investment areas include secure web3 infrastructure, capital-efficient DeFi protocols, and the intersection of web3 and AI.

The firm has already backed startups including Sui, EigenLayer, AltLayer, Goldfinch and M0. The partners say Hack VC takes a long-term, thesis-driven approach to investing, rather than chasing hype cycles and narratives.

With its latest capital raise, Hack VC positions itself as one of the leading institutional investors committed to nurturing the next generation of foundational web3 projects.

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