TL;DR:
- Hack VC closes its debut venture fund, Venture Fund 1, with $150 million.
- The fund aims to support early-stage startups in web3 and artificial intelligence.
- Hack VC’s investment strategy spans from solo founders to multimillion-dollar projects.
- Recent investments include AltLayer, ImgnAI, and Affine Protocol.
- The portfolio includes Mysten Labs, EigenLayer, and ConsenSys.
- Hack.Summit, a web3 conference, receives support from Hack VC.
Main AI News:
In a strategic move to bolster its presence in the burgeoning landscape of web3 and artificial intelligence startups, Hack VC has triumphantly closed its inaugural venture fund, Venture Fund 1, amassing an impressive $150 million. This milestone catapults the firm’s total assets under management to a substantial $425 million, marking a significant leap forward in its investment capabilities.
The closed funding round underscores Hack VC’s commitment to fostering innovation at the early stages of development, particularly in areas crucial to the future of technology. With a keen focus on financing startups that are pioneering infrastructure in security, capital-efficient decentralized finance, and the convergence of web3 and artificial intelligence, Hack VC is poised to play a pivotal role in shaping the next wave of groundbreaking ventures.
“We are thrilled to announce the successful closure of Venture Fund 1, which represents a significant milestone for our firm,” commented Alex Pack and Ed Roman, Co-Founders and Managing Partners at Hack VC. “With this capital infusion, we are well-positioned to provide vital support to visionary entrepreneurs and catalyze the growth of transformative technologies.”
Hack VC’s investment strategy encompasses a spectrum of funding initiatives, ranging from injecting seed capital into solo founders or incubations to backing high-conviction projects with multimillion-dollar investments. Furthermore, the firm has earmarked a portion of its funds to bolster its protocols on-chain, demonstrating a holistic approach to nurturing its portfolio companies.
Notable among Hack VC’s recent investment endeavors is its leadership roles in funding rounds for pioneering platforms such as AltLayer, a rollups platform, and ImgnAI, a crypto-native AI platform. Additionally, the firm co-led a $5.1 million seed round for Affine Protocol, a DeFi app, last year, further solidifying its commitment to propelling innovation in the decentralized finance space.
Among the esteemed companies in Hack VC’s portfolio are Mysten Labs, EigenLayer, and ConsenSys, emblematic of its discerning investment philosophy and its knack for identifying promising ventures. Moreover, Hack VC is an avid supporter of the upcoming web3 conference, Hack.Summit, slated to take place in April in Hong Kong, showcasing its dedication to fostering collaboration and knowledge exchange within the industry.
Conclusion:
Hack VC’s successful closure of Venture Fund 1, totaling $150 million, signals a significant boost in investment capacity within the web3 and artificial intelligence sectors. With a diverse portfolio of innovative startups and a commitment to fostering collaboration through initiatives like Hack.Summit, Hack VC is poised to drive further innovation and disruption in the market. This injection of capital underscores the growing investor confidence in the transformative potential of web3 and AI technologies, positioning the market for continued growth and advancement.
