Hack VC, a prominent player in the venture capital arena, has successfully closed its latest fund, Venture Fund I, with an impressive total of $150 million in commitments.
This latest achievement adds to the momentum gained from the firm's inaugural $200 million fund, bringing the aggregate commitments for Hack VC to an impressive $350 million across its first two funds.
With this development, the firm's total assets under management now stand at approximately $425 million.
Leadership and Expertise
Under the strategic guidance of industry veterans Alex Pack and Ed Roman, who collectively boast experience in investing in and advising over 100 web3 projects and more than 20 unicorns, Hack VC is poised for continued success.
The fund specializes in backing blockchain infrastructure and web3-native companies, aligning with the dynamic landscape of emerging technologies.
Investment Focus and Strategy
Hack VC adopts a research-driven investment approach with a strong emphasis on infrastructure.
The investment strategy revolves around core categories such as Web3 Infrastructure, which includes foundational protocols and networks shaping the new Internet.
Additionally, Financial Infrastructure plays a crucial role, focusing on companies that are at the forefront of developing the next generation of financial markets using smart contracts and blockchain technology, particularly in the decentralized finance (DeFi) space.
Furthermore, the fund targets companies at the intersection of web3 and generative artificial intelligence (AI) under the category Web3 x AI.
Early-Stage Investments and Portfolio Highlights
Already deploying approximately one-third of the fund, Hack VC concentrates on early-stage projects essential for catapulting web3 into the mainstream.
The fund allocates investments of up to $10 million per project, often taking the lead in deals and committing capital on-chain to support protocols right from their launch.
Noteworthy initial investments include EigenLayer, a groundbreaking restaking and data availability mechanism for blockchain developers; Berachain, a Cosmos-based Layer 1 protocol with a focus on DeFi applications; and AltLayer, a roll-up-as-a-service protocol that recently introduced the ALT token.
Innovative Platforms and Initiatives
Hack VC distinguishes itself by not only making investments but also actively participating in the blockchain ecosystem through innovative platforms.
One such initiative is hack.
labs(), an in-house tech platform designed for institutional-grade network participation.
Through this platform, Hack VC's team of blockchain engineers and quant researchers engage in activities such as providing liquidity, staking, making open-source contributions, and more.
Additionally, the firm hosts hack.
summit(), a global developer community and one of the world's largest blockchain programmer events, with over 130,000 attendees from 150+ countries across events held to date.
