Hack VC closes $150 million Fund I, increasing assets under management to $425 million.

Hack VC, a venture capital firm focused on early-stage web3 startups, has closed its first dedicated venture fund with $150 million in capital commitments. This brings the company’s total assets under management to approximately $425 million.

The new $150 million Fund I comes after Hack VC previously raised a $200 million seed fund. With its latest round of funding, the company now has $350 million across its first two funds to invest in early-stage cryptocurrency projects.

Web3’s long history

Hack VC was founded by Alex Pack and Ed Roman and has been active in the web3 space since 2014. This company is web3, Decentralized FinanceNFTs and tokenization.

“While this fund is new, we have been investing in web3 for almost as long as it has been an asset class, since 2014,” Pack and Roman said in their announcement post. “We invested in over 100 deals and seeded dozens of unicorns before Hack VC.”

Hack VC has invested through at least three cryptocurrency market cycles and has built expertise in the volatile asset class, according to its partners. They have strong confidence in the long-term potential of web3.

Betting on the Web3 future

“With the new fund, we are setting up our flag as a staunch long-term supporter of web3 and committing to provide more funding to the core blockchain technology we have invested in for a long time,” Pack and Roman said.

The company sees parallels between the current state of web3 and the early days of the Internet before the dot-com boom. Hack VC aims to identify and support important web3 infrastructure projects that can help drive mainstream adoption.

Main thesis areas

Hack VC’s key investment thematic areas include secure web3 infrastructure, capital-efficient DeFi protocols, and the intersection of web3 and AI.

The company has previously supported startups including Sui, EigenLayer, AltLayer, Goldfinch, and M0. Partners say Hack VC takes a long-term, thesis-driven approach to investing rather than chasing hype cycles and narratives.

With its recent capital raising, Hack VC positions itself as one of the leading institutional investors committed to nurturing the next generation of native web3 projects.

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