Hack VC, the web3 venture capital firm, announced today the final close of its oversubscribed $150 million Venture Fund I to invest in early-stage web3 opportunities.
Hack VC is led by veteran web3 venture investors and operators Alex Pack and Ed Roman, who have invested in and advised over 100 web3 projects and over 20 unicorns at and prior to Hack VC. Venture Fund I builds on the firm’s inaugural $200M fund and collectively gives Hack VC $350 million in aggregate commitments across the firm’s first two funds, and brings the firm’s total assets under management to approximately $425M.
Hack VC raised Venture Fund I opportunistically in the bear market to invest in companies and protocols gaining traction and offering asymmetrical upside. The firm has already invested approximately one-third of the fund in early-stage projects building the infrastructure necessary to make web3 mainstream. Hack VC invests up to $10 million per project, typically leading deals and committing capital on-chain to support protocols at launch.
“Web3 is in a pivotal moment akin to the mid-1990s for the Internet,” said Alex Pack, Managing Partner at Hack VC. “With millions of users and regulatory clarity emerging across the world, it is clear that web3 is here to stay. Yet, like the early days of the Internet, web3 still requires an infrastructural paradigm shift in scalability, security, and usability before it is ready for mainstream usage. The next Google, Microsoft, Amazon, and Alibaba for web3 is already here or will soon launch. Our goal is to back and support these critical pieces of web3 infrastructure—as we have done for over a decade.”
“We are long-term believers in web3 and invest from first-principles thinking rather than from a fear of missing out due to market hype,” added Ed Roman, Managing Partner at Hack VC. “An entirely new class of startups is creating real change in the world due to the innovation of token incentives. We are eager to help our founders build and are grateful to our LPs who share our deep conviction in this asset class.”
Hack VC’s investment strategy is built on a research-driven approach focused on infrastructure. Within that focus, core categories include:
- Web3 Infrastructure: Foundational protocols and networks building the pipes for the new Internet.
- Financial Infrastructure: Companies building the next generation of financial markets with smart contracts and blockchain technology, especially across DeFi.
- Web3 x AI: Companies building at the intersection of web3 and generative AI, one of the most important new categories of blockchain infrastructure.
The fund’s initial investments are predominantly infrastructure protocols with advanced technology and significant fundamental traction. These investments include EigenLayer, a novel restaking and data availability mechanism for blockchain developers; Berachain, a Cosmos-based Layer 1 protocol focusing on DeFi use cases; and AltLayer, a roll-up-as-a-service protocol that recently launched the ALT token.
Learn more about Hack VC’s Venture Fund I by visiting https://hack.vc.
About Hack VC
Hack VC is a web3 venture capital firm that partners on- and off-chain with hackers building the future of the Internet. The firm invests in blockchain infrastructure and web3-native companies with investments across 100+ companies and protocols. Hack VC runs hack.labs(), an in-house tech platform for institutional grade network participation, through which its team of blockchain engineers and quant researchers provide liquidity, stake, make open-source contributions, and more. In addition, Hack VC created and hosts hack.summit(), a global developer community and one of the world’s largest blockchain programmer events, with 130K+ attendees from 150+ countries across events to date.