- The new fund is co-led by managing partners Alex Pack and Ed Roman and is backed by players from major industries.
- Roman told Blockworks that although the size of the fund is small compared to other funds, it is “appropriate” for corporate strategy and portfolio building.
San Francisco-based venture capital firm HackVC has debuted a $ 200 million fund focused on funding early-stage cryptocurrency, Web3, and blockchain startups.
The fund, later confirmed by Blockworks, is co-led by management partners Alex Pack and Ed Roman, with support from Sequoia Capital, Fidelity, a16z’s Marc Andreessen, Chris Dixon and others, according to a report from VC News Outlet Finsmes. ..
Hack VC focuses on investing in early-stage start-ups operating in the crypto, open source, fintech, artificial intelligence, machine learning and business software sectors. The “cryptoOG” company recently participated in startup Amber Group’s $ 200 million expansion Series B funding as an existing shareholder exercising its proportional rights.
Roman, the company’s managing director, told Blockworks that the size of the fund is “appropriate” for Hack’s strategy and portfolio building for investing in Web3.
“This fund is actually a bit modest compared to the size of the funds that other companies are raising in this area,” Roman said. “Currently, there are many crypto companies in AUM that are well over $ 1 billion.”
In fact, investment from venture capital exceeded $ 33 billion last year after the arrival of 49 new funds, averaging $ 300 million. Some of the largest funds of the previous year were represented by Paradigm’s $ 2.5 billion fund, Andreessen Horowitz’s $ 2.2 billion, Hivemind Capital Partners’ $ 1.5 billion, and 10T Holdings’ $ 750 million.
Much of its capital goes to Web3 applications and platforms aimed at leveraging blockchain technology, decentralized finance (DeFi), and digital assets to democratize data and return control to end users.
“We see Web3 as the second half of the Internet,” says Roman. “We also see DeFi as a new financial system that strengthens the existing traditional financial system. When was the last time you introduced a new financial system? This is a once-in-a-century opportunity.”
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Sebastian Sinclair
Blockworks
Asia News Desk Senior Reporter
