Hack VC – a web3 venture capital firm – announced the final closing 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 before Hack VC. And Venture Fund I builds on the firm’s inaugural $200 million 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 about $425 million.
The firm has already invested approximately one-third of the fund in early-stage projects building the infrastructure necessary for making web3 mainstream. And Hack VC invests up to $10 million per project, typically leading deals and committing capital on-chain to support protocols at launch.
Hack VC’s investment strategy was built on a research-driven approach focused on infrastructure. And 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 and 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.
KEY QUOTES:
“Web3 is in a pivotal moment akin to the mid-1990s for the Internet. 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.”
- Alex Pack, Managing Partner at Hack VC
“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. 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.”
- Ed Roman, Managing Partner at Hack VC
