September 16, 2024
Prominent crypto fund Hack VC has successfully raised $77 million for its third fund, just shy of its $80 million target. This fund has surpassed expectations and is now considered “oversubscribed,” according to Fortune, which cited SEC filings, internal documents, and sources familiar with the matter.
Project | Latest Raise | Latest Raise Date | Category |
|---|---|---|---|
Hack VC | $77M | September 16, 2024 | VC, Investment |
Founded by blockchain experts Alex Pack and Ed Roman, Hack VC is focusing this latest fund on seed-stage investments. This third fund is one of the largest crypto-focused venture capital raises in 2024.
Other significant funds include ParaFi’s $120 million raise and Lemniscap’s $70 million. Accolade, a blockchain fund of funds, recently secured $135 million across two vehicles, while Paradigm announced an $850 million fund, much smaller than its $2.5 billion offering in 2021.
Despite new capital entering the sector, the cryptocurrency market is at a crossroads. Prices for major assets like Bitcoin have stabilized after a brief rally earlier this year, driven by the U.S. SEC’s approval of Bitcoin and Ethereum ETFs. However, regulatory uncertainty continues to impact the industry, and mainstream adoption has been slower than expected.
In the second quarter of 2024, crypto startups attracted $2.7 billion in funding across 503 deals, showing a slight increase in capital raised despite a decline in deal volume. Infrastructure startups led the funding race, with Monad, a parallelization Layer 1 platform, securing $225 million in Series A funding.
About Hack VC
Hack VC is a venture capital firm that focuses on Web3 technologies and the cryptocurrency sector. Founded by Alex Pack and Ed Roman, Hack VC invests in early-stage startups, particularly those involved in blockchain and decentralized technologies. The firm aims to support innovative projects that are building the future of the internet. Hack VC also operates Hack.Labs, an in-house tech platform that provides liquidity, staking, and open-source contributions to the protocols they invest in.
Website: https://www.hack.vc/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.\
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