Hack VC Raises $150 Million for Web3, Financial Infrastructure Investments

Hack VC has closed an oversubscribed $150 million Venture Fund I to invest in early-stage Web3 opportunities.

The Web 3 venture capital (VC) firm is led by veteran Web3 venture investors and operators Alex Pack and Ed Roman, who have invested in and advised more than 100 Web3 projects and 20 unicorns at and prior to Hack VC, the firm said in a Tuesday (Feb. 20) press release.

Web3 is in a pivotal moment, Pack, a managing partner at Hack VC, said in the release.

“With millions of users and regulatory clarity emerging across the world, it is clear that Web3 is here to say,” Pack said. “Yet, like the early days of the internet, Web3 still requires an infrastructural paradigm shift in scalability, security and usability before it is ready for mainstream usage.”

The latest fund, in addition to the firm’s $200 million initial seed fund, brings Hack VC’s aggregate commitments across the two funds to $350 million and its total assets under management to approximately $425 million, according to the release.

The firm’s investment strategy focuses on Web3 infrastructure, financial infrastructure, and the intersection of Web3 and artificial intelligence (AI), the release said. Hack VC invests up to $10 million per project, typically leading deals and committing capital on-chain to support protocols at launch.

The fund’s initial investments include infrastructure protocols that have advanced technology and significant fundamental traction, such as EigenLayer, Berachain and AltLayer, per the release.

“An entirely new class of startups is creating real change in the world due to the innovation of token incentives,” Roman, a managing partner at Hack VC, said in the release. “We are eager to help our founders build and are grateful to our LPs who share our deep conviction in this asset class.”

In another recent development around Web3, Robinhood and MetaMask said Feb. 6 that they have integrated their platforms to make it easier for users to access Web3.

This integration allows customers to purchase cryptocurrency through Robinhood’s low-cost order engine, providing a secure, user-friendly and self-custodial approach to Web3 adoption.

On Jan. 30, Web3 payments infrastructure provider Transak said it joined Visa Direct to enable users in over 145 countries to seamlessly convert their cryptocurrency holdings into local fiat currency.