Hack VC Launches $200 Million Crypto Seed Fund – A new $200 million crypto-based seed fund has been formed by Hack VC, a crypto investment firm. The venture capital firm behind the hack.summit event, one of the world’s largest blockchain programming events, wants to invest in early-stage Web3-based startups.
Instead of just providing funds, as with other comparable concepts, the goal of this fund is to walk alongside these teams every step of the way.
Sequoia Capital, Fidelity, A16z’s Marc Andreessen, and Digital Currency Group, among others, contributed money to the fund.
When it comes to incubating these early-stage ventures focused on DAOs, NFTs, and defi, the fund aims to take a different approach.
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According to Alex Pack, one of the fund’s managers and the founder of Dragonfly Capital:
“Despite the fact that we come from a venture capitalist background, our goal is not to simply create another venture fund. Crypto, for the first time, bridges the gap between investors and users. That’s why, in every crypto project we sponsor, we want to be the first investor, first user, and founding community member.”
Hack VC intends to set itself apart from other comparable funds by providing full assistance for the teams it incubates, rather than merely sponsoring their activities.
Ed Roman, the firm’s managing partner, elaborated on the help the fund intends to provide to teams interested in the crypto fund. Roman discussed how the fund may assist these teams in growing, including advertising, hiring, and forming early communities.
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According to Roman, using hacksummit.org, hackjobs.org, and Hack Labs – three separate platforms that the company offers would allow them to devote the necessary attention and expand these teams and projects.
The fund is already operational and supporting a number of initiatives, including well-known personalities in the decentralized finance and NFT ecosystem. Goldfinch Finance, Yat, an NFT identification platform, Mysten Labs, the defi protocol Element.fi, and the metaverse game Syncity are among these projects.
