Quick take:
- The company previously raised $200 million in seed round, which brings total commitments to date to $350 million.
- The fund is already actively investing in early-stage web3 infrastructure, including protocols, next-gen DeFi and real-world asset tokenization.
- Hack VC’s AI investments include Jasper AI, a generative AI copilot for enterprises, and Ritual, an AI coprocessor for blockchains.
Hack VC a Web3 venture capital firm whose founders have been investing in crypto since 2014 has closed its first fund at $150 million, which it says is an extension to its $200 million seed round raised earlier. The company said it now has $350 million in commitments from the two rounds.
Although Hack VC is only announcing its first fund now, the company has already made some key investments, mainly targeting early-stage web3 infrastructure, including protocols, next-gen DeFi and real-world asset tokenization. The firm now boasts $425 million in total assets under management according to a statement posted on its website.
“We had the distinct privilege of being “institutional investors” in web3 across at least three bull-to-bear-market cycles, as long as perhaps anybody,” Hack VC wrote.
The company primarily focuses on backing the hackers building the future of the Intern at the earliest possible stage. It has built a full-stack platform that uniquely helps founders get to market and go mainstream.
The company has established a team of experts including engineers, quant traders and researchers who test the different products and protocols that it invests in. It also organises workshops and summits for incubated projects and has established a partner network that also works hand in hand with selected projects.
Hack is investing in the intersection of Web3 and artificial intelligence. Writing in a blog post on Tuesday, the company said: “We are investing both in blockchain infrastructure that can support generative AI applications, as well as generative AI infrastructure that can power new types of decentralized experiences.” Hack has already invested in Jasper AI, a generative AI copilot for enterprises, and Ritual, an AI coprocessor for blockchains.
The company sees the new fund as a demonstration of its strong belief in Web3 technology, despite the ups and downs the industry has experienced over the past two years.
“With our new fund, we are planting a flag as unwavering long-term believers in web3, and committing to funding even more of the core blockchain technology that we have been investing in for so long.”
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