DoraHacks Raises $20M Series B Funding to Further its Web3 Initiatives

The round was led by FTX Ventures and Liberty City Ventures.
Image source: DoraHacks

Quick take:

  • The funding will accelerate the launch of the Dora Grant DAO and the Dora Infinite Fund.
  • This round of funding brings the total amount invested in Dora’s core infrastructures to nearly $50 million.
  • Over 2000 startups and developer teams have raised $25 million worth of grants from the DoraHacks platform.

Global hacker movement and Web3 developer incentive platform, DoraHacks, today announced a $20 million Series B1 funding led by FTX Ventures and Liberty City Ventures. Participants in the round include Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Capital, and Amber Group.

According to the company, the funding will accelerate the launch of multiple initiatives, including the Dora Grant DAO, a decentralised grant community, and the Dora Infinite Fund, which invests in disruptive ideas in frontier tech.

DoraHacks launched Dora Grant DAO earlier this year, after raising $5 million from more than 30 partners. The DAO plans to provide grants to more post-hackathon-pre-investment stage projects. Additionally, the Dora Infinite Fund will be set in motion via an NFT drop this year.

“DoraHacks strives to provide the best infrastructure for open-source communities worldwide. Our mission is to create an everlasting hacker movement. With new strategic partners joining, we can better contribute to frontier tech’s startup community.” said Eric Zhang, founder of DoraHacks.

Last year, DoraHacks raised $8 million in a strategic round led by Binance Labs, followed by the $20 million raise of Dora Factory, DoraHacks’ DAO-as-a-Service incubation. The latest funding brings the total amount invested in Dora’s core infrastructures over the last 18 months to nearly $50 million.

Known for curating many of the world’s brightest Web3 startups via hackathons and grant programs, DoraHacks has distributed $25 million worth of grants to over 2000 startups and developer teams. 

More than 40 Web3 ecosystems including Solana, Polygon, and Avalanche have partnered with DoraHacks in hackathons and community grant programs to access the global developer community.

DoraHacks has also been driving critical research efforts in funding technology and decentralized governance infrastructures. The platform introduced quadratic voting and decentralized grants to multi-chain communities. It has also developed and implemented MACI (zero-knowledge, collusion-resistant voting) in ETHDenver 2022 and OpenSea hackathons. 

Since late 2020, DoraHacks has invested in and incubated 20 projects, including DAO-as-a-Service Dora Factory, ZK infrastructure Zecrey, MOBA play-to-earn Thetan Arena, and Web3 tooling infrastructure ETHSign. DoraHacks is also the co-host of the Binance Labs incubation program. 

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