TLDR:
- Hack VC raised an oversubscribed $150 million fund for crypto startups.
- The firm has a focus on investing in early-stage Web3 companies and tokenized real-world assets.
Article Summary:
The venture capital firm, Hack VC, has successfully closed an oversubscribed $150 million fund to invest in early-stage Web3 companies. The firm’s major thesis has been modular infrastructure, breaking larger structures into smaller, specialized pieces. It is also looking to invest in tokenized real-world assets to build better stablecoins. Hack VC, founded in 2017 and led by Ed Roman and Alexander Pack, has unicorns like Sui and Helium in its portfolio. Despite some less successful investments in collapsed projects like Terra and BlockFi, the firm remains optimistic about the Web3 space.
Hack VC’s fundraising success comes amid a growing bull market in the crypto space, with other firms like Lightspeed Faction and RW3 Ventures raising significant funds for blockchain startups. The PitchBook report highlighted a 2.5% increase in venture funding committed to crypto in Q4, totaling $1.9 billion. The firm’s managing partner, Alexander Pack, emphasized the importance of continual building in Web3 to survive and thrive in both bear and bull markets.
