Hack VC secures $150m fund to fuel crypto, defi startups
New York-based venture capital Hack VC has secured a $150 million investment to bolster the crypto industry.
The fund is particularly targeted at early-stage companies within the crypto space and has seen about one-third of its capital already allocated to promising ventures.
Among the noteworthy investments made by Hack VC are contributions to Mysten Labs, a blockchain initiative, and Amber Group, a cryptocurrency financial services company. This follows a successful funding round in 2022, where Hack VC raised $200 million.
In an interview with Bloomberg, the firm’s managing partner, Alex Pack, highlighted the current fundraising landscape as notably more challenging than in previous years. Over the past year, the sector has witnessed dramatic declines in asset values from their peak in 2021, leading to the downfall of several key players.
Pack specifically referred to the failures of entities like Terraform Labs, Three Arrows Capital, FTX, and BlockFi as profoundly destabilizing incidents. Despite Hack VC’s past investments in Terraform and BlockFi, the firm is optimistic about the future of crypto.
Hack VC’s investment strategy includes startup ventures and cryptocurrency tokens, focusing on projects aimed at decentralizing the internet, advancing the defi infrastructure, and exploring cryptocurrency’s confluence with AI technology.
