Hack VC raises $150M to support the crypto industry

Specialized venture capital firm Hack VC has launched a new fund from 150 million dollars for invest in crypto startups.

U.S.-based Hack VC has launched a $150 million investment fund to bolster the crypto industry after cryptocurrency prices plunge and FTX goes bankrupt in late 2022, reported Bloomberg on Tuesday.

The new fund, which succeeds the $200 million Crypto Seed Fund, is focusing its investments on start-ups working around Web3, DeFi, Crypto and AI. It has already carried out initial transactions and is investing through token sales and share buybacks.

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Founded in 2017 in New York, Hack VC backs several major crypto players with Mysten Labs, blockchain developer Sui, and Asian crypto conglomerate Amber. Its latest investments include Nonco, Archimedes and Myx.

Hack VC had also invested in projects that didn’t survive the crypto winter, such as Terra and lending platform BlockFi.

‘There’s a whole industry of nerds building things quietly and it didn’t stop after FTX’, said Hack VC partner Alex Pack.

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