Hack VC, new venture fund, Eyes web3 closes $150 million for AI startup

Web3 venture firm Hack VC has closed $150 million for its first venture fund, called Venture Fund 1.

According to a company release, the closing financing brings the company’s total assets under management to $425 million. Hack VC said it plans to use the funds to fund early-stage startups developing infrastructure at the intersection of security, capital-efficient decentralized finance, web3 and artificial intelligence.

“We invest anywhere from a few hundred thousand dollars in a single founder or incubation to millions of dollars in projects we believe in,” Alex Pack and Ed Roman, co-founders and managing partners of Hack VC, said in a statement. “We have also set aside capital to support on-chain protocols.”

Hack VC recently led or co-led funding rounds for rollup platform AltLayer and cryptocurrency-based AI platform ImgnAI, and last year co-led a $5.1 million seed round for DeFi app Affine Protocol, The Block previously reported. there is. Other companies in the Hack VC portfolio include Mysten Labs, EigenLayer, and ConsenSys. The company also supports the web3 conference Hack.Summit, scheduled for April in Hong Kong.

Hack VC did not immediately respond to The Block’s request for comment.

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