Hack VC Launches First $150 Million Venture Fund

Venture capital firm Hack VC recently announced the launch of its first $150 million venture fund, despite sluggish crypto market conditions. This shows their strong belief in the future of blockchain technology and Web3.

Hack VC had previously managed to raise $200 million for their dedicated crypto fund in February 2022. With this new venture fund, the company's total assets under management now stand at over $425 million.

Alex Pack and Ed Roman, founders and managing partners of Hack VC, said that the company had doubts, especially as investors also thought the same thing. However, these doubts were overcome because they were convinced of the investment potential in Web3.

They remain optimistic and continue to invest in blockchain technology. Hack VC focuses more on the technical infrastructure to build blockchain because they are also developers so that belief is believed to be an investment in long-term applications.

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Who Are the Investors in Hack VC?

Hack VC does not disclose the names of investors in its venture fund for compliance reasons, but they say investors include some of the largest US pension funds, endowments, and foundations.

Hack VC's portfolio companies include a variety of blockchain projects, such as Eigenlayer (re-staking security ), Goldfinch ( stablecoin lending platform ), Bitwave ( digital asset financing ), and Babylon ( Bitcoin staking ).

Hack VC is also known among developers for organizing conferences and hackathons. Their events have attracted more than 135,000 participants from 150 countries over the past nine years.

With this new venture fund, Hack VC expressed their confidence that the crypto industry and Web3 will make a comeback. They believe Web3 will be a long-term investment and they will remain committed to funding more of the core blockchain technology they have invested in so far.

Roman explained that blockchain security is the company's main focus. Because, as Web3 grows, more application developers will switch to Web3, and they need technology that is stable and not easily hacked.

Also Read: What is Crypto Investment?

VC Hack: The pillars of Web3 are Security, DeFi, and AI

DeFi is currently not as valuable as infrastructure. This was stated by Roman who then explained that this thinking was still common among developers, but would soon end. Because, looking at the history of venture capital, especially Web2, embedded finance and embedded FinTech have been one of the hottest categories for many years.

There's a good reason for that, namely people who are in the payments stream, there's a lot of ways to make money out of it and they're going to get capital efficiencies so that can then get people to focus on business-to-business, which is more reliable.

Roman also thinks that the above trends and patterns will start to emerge in Web3. However, Hack VCs are less interested in consumer-focused technologies, such as Web3 games and NFT projects, because they often have difficulty getting users.

Hack VC will focus more on technology infrastructure, not games and consumers. Later, this investment category may be considered boring by some investors, but from an investment perspective, Hack VC believes infrastructure and DeFi businesses are more reliable and easier to predict.

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VC Hack Believes NFTs Will Make a Comeback

Currently, NFTs are no longer as popular as they were when they first appeared. Many NFTs whose prices have plummeted or even have no price at all. However, Roman believes that 'blue chip NFTs' still have value and some of them survive. So, it could return, but it's too early to say for sure.

Hack VC believes that today's Web3 technology is still like the internet of the mid-1990s, where the potential was clear but the technology was still limited, complicated, and expensive. Roman believes that Web3 requires an infrastructure paradigm shift in terms of scalability, security, and usability before it is ready for widespread use.

With this vision, Hack VC wanted to invest in what people weren't looking at and could eventually attract founders with Hack.Labs(), their in-house full-stack technology platform to bridge the gap between GitHub and the mainstream market.

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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.