TLDR:
- New York-based venture capital firm, Hack VC, secures $150 million fund to invest in early-stage crypto startups
- About one-third of the fund has already been allocated to promising ventures such as Mysten Labs and Amber Group
New York-based venture capital firm, Hack VC, has secured a $150 million investment to bolster the crypto industry. The fund is specifically targeted at early-stage companies within the crypto space and has already allocated about one-third of its capital to promising ventures, including contributions to Mysten Labs, a blockchain initiative, and Amber Group, a cryptocurrency financial services company. This funding comes after a successful round in 2022 where Hack VC raised $200 million.
In an interview with Bloomberg, the firm’s managing partner, Alex Pack, mentioned that the fundraising landscape is more challenging now compared to previous years due to dramatic declines in asset values from their peak in 2021. Despite past investments in companies like Terraform Labs and BlockFi, Hack VC remains optimistic about the future of crypto. The firm’s investment strategy focuses on startup ventures and cryptocurrency tokens, with a goal of decentralizing the internet, advancing defi infrastructure, and exploring the intersection of cryptocurrency with AI technology.
Overall, Hack VC’s new fund aims to support and fuel the growth of innovative projects in the crypto and defi space, providing resources and funding to help these startups thrive in the evolving industry.
