In brief
- Hack VC has raised a $200 million early-stage crypto investment fund.
- The fund is backed by Andreessen Horowitz, Sequoia Capital, Fidelity, and others.
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Investment firm Hack VC is diving deeper into the blockchain and crypto world with the announcement of a new $200 million fund focused on early-stage investments in the space.
The $200 million Crypto Seed Fund will be co-led by Hack VC Managing Partners Alex Pack and Ed Roman, and is backed by Andreessen Horowitz’s Marc Andreessen and Chris Dixon, Sequoia Capital, Fidelity, Accolade Partners, and Digital Currency Group, among others.
Hack VC plans to use the funds across the crypto and blockchain spectrum, ranging from blockchain protocols to startups focused on decentralized finance (DeFi), NFT infrastructure, and decentralized autonomous organizations (DAOs) and their tooling.
The firm has already tapped the fund to invest in numerous startups, including NFT-driven identity startup Yat, play-to-earn metaverse game Syn City, DeFi lending protocol Goldfinch Finance, Web3 infrastructure firm Mysten Labs, and fixed-rate DeFi protocol Element.fi.
Pack told TechCrunch that the firm has made investments worth tens of millions of dollars across “at least” 15 crypto startups with the fund, which completed fundraising last fall.
Hack VC also taps into its own developer community, with more than 130,000 developers that have attended its events, including the hack.summit().
The firm uses that to help its portfolio companies hire talent, and then connects startups to its community and evangelizes them. Hack VC further supports the startups with network participation and by providing liquidity to protocols.
“We’re a full-stack solution to help Web3 startups win in the market,” Roman said in a statement. “This is go-to-market rocket fuel for crypto founders.”
Sequoia Capital also announced earlier this month it would invest up to $600 million in cryptocurrencies and other digital assets.