New York-based venture capital firm Hack VC has announced the successful acquisition of a $150 million investment fund aimed at empowering early-stage companies within the crypto space.
This substantial funding injection underscores Hack VC’s commitment to fostering innovation and growth within the rapidly evolving cryptocurrency industry. Approximately one-third of the fund’s capital has already been allocated to promising ventures, marking a promising start for Hack VC’s latest initiative.
We are excited to announce our oversubscribed $150M Venture Fund I to invest in hackers building the future of the Internet! Here’s more from @hgmiller29 at @Bloomberg: https://t.co/HmypN8hxTi
— Hack VC (@hack_vc) February 20, 2024
Among the notable beneficiaries of Hack VC’s investment are Mysten Labs, a pioneering blockchain initiative, and Amber Group, a leading provider of cryptocurrency financial services. This latest round of funding follows Hack VC’s successful fundraising efforts in 2022, where the firm secured an impressive $200 million.
In an exclusive interview with Bloomberg, Alex Pack, managing partner at Hack VC, shed light on the current fundraising landscape, emphasizing the heightened challenges faced by investors compared to previous years. Pack cited significant declines in asset values since their peak in 2021, leading to the demise of several prominent players in the industry.
While acknowledging the setbacks experienced by entities such as Terraform Labs, Three Arrows Capital, FTX, and BlockFi, Pack expressed optimism about the future prospects of the crypto sector. Despite Hack VC’s past investments in Terraform and BlockFi, the firm remains bullish on the long-term potential of cryptocurrency and decentralized finance (DeFi).
Hack VC’s investment strategy revolves around supporting startup ventures and cryptocurrency tokens that contribute to decentralizing the internet, enhancing the infrastructure of decentralized finance, and exploring the intersection of cryptocurrency with AI technology. By prioritizing innovation and strategic investment, Hack VC aims to play a pivotal role in driving forward the evolution of the cryptocurrency ecosystem.
