DoraHacks, a web3 incentive network and hackathon promoter, has secured $20 million in a Series B1 round headed by FTX Ventures and Liberty City Ventures.
The funds would be used to speed up the implementation of the Dora Grant DAO, a decentralised grant community, and the Dora Infinite Fund. Later in 2022, the fund will be officially launched by an NFT drop.
The round also included Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group.
The funding follows an $8 million strategic investment last year led by Binance Labs. It brings the total investment in Dora core infrastructures to almost $50 million over the previous 18 months.
Other investments of DoraHacks
DoraHacks has funded and developed 20 businesses since late 2020. It includes Dora Factory, a DAO-as-a-service infrastructure, Zecrey, a zero-knowledge infrastructure, Thetan Arena, and ETHSign, a play-to-earn platform. DoraHacks is also a partner in Binance Labs’ development initiative.
The fundraising is the latest in a string of investments made in recent months on web3 infrastructure. Ikigai Asset Management, a cryptocurrency asset management firm located in Puerto Rico, said earlier this week that it has secured $30 million in venture capital for web3 initiatives.
Fireblocks, a provider of custody technology, has also unveiled a new web3 platform, which includes a set of tools for developers to create DeFi, GameFi, and NFT goods & services.