Hack VC, the crypto-led venture capital behind the hack.summit() blockchain programming event, has announced the formation of a new $200 million crypto seed fund with the goal of investing in early-stage cryptocurrency and Web3 startups. The funds come from a variety of venture capital firms, including Sequoia Capital, Fidelity, A16z’s Marc Andreessen, and Digital Currency Group, among others.
Hack VC aims to differentiate itself from other comparable funds by providing complete assistance to incubated teams rather than simply sponsoring their activities. Ed Roman, managing partner, commented on the support the fund intends to provide to teams interested in the crypto fund. Roman discussed the many ways in which the fund might assist these teams in growing, such as recruiting, advertising, and establishing early communities.
According to Roman, using hackjobs.org, hacksummit.org, and Hack Labs—three separate platforms that the organisation offers—will enable them to provide the necessary attention and build these teams and their initiatives.
The fund is already in operation and is supporting a number of initiatives, including well-known personalities in the decentralised finance and NFT ecosystem. Some of them are Goldfinch Finance, the NFT identification platform Yat, Mysten Labs, Web3 provider Mysten Labs, Element.fi, and the metaverse game Syncity.