Summary
Hack VC, a Web3 venture capital firm, raised $150 million for their first venture fund in a bear market. They focus on investing in technical infrastructure for blockchain technology. The firm has raised a total of $425 million in assets under management and their portfolio includes companies like Eigenlayer and Goldfinch. They are optimistic about the future of Web3 and plan to focus on blockchain security, DeFi, and AI. They believe NFTs may make a comeback and are looking to invest in early-stage projects to help improve the usability and scalability of Web3 technology.
Key Points
1. Hack VC raised $150 million for its first venture fund “opportunistically, in a bear market,” following its initial $200 million crypto fund raise in February 2022. The firm’s total assets under management now exceed $425 million.
2. Hack VC focuses on investing in technical infrastructure for blockchain technology, aiming to build the core foundation for longer-term applications. The firm’s portfolio companies include Eigenlayer, Goldfinch, Bitwave, and Babylon.
3. The company is committed to funding blockchain security, DeFi, and AI in the Web3 space, with a focus on making blockchains more scalable, increasing performance, and enhancing security. Hack VC aims to invest in reliable and predictable businesses, prioritizing infrastructure and DeFi over consumer-facing technologies like gaming and NFTs.