Having weathered “at least three bull-to-bear-market cycles,” Web3 venture capital firm Hack VC is committed to staying the course, the company said yesterday announcing its first venture fund. The company says it raised $150 million for the fund “opportunistically, in a bear market.”

The venture fund raise follows Hack VC’s initial $200 million crypto fund raise, which closed in February 2022. Combined with other investment vehicles, the firm’s total assets under management now exceeds $425 million.

Co-founders and managing partners Alex Pack and Ed Roman said they are used to facing down doubters.

“Every cycle, we dealt with institutional investors dismissing the very idea that web3 is investable,” they wrote on the Hack VC blog. ”If we had a Bitcoin for every time we’ve been asked ‘Where are the use cases?’ and ‘Isn’t crypto illegal?’ we would be richer than Gary Gensler by now.”

But through thick and thin, builders kept building, and Hack VC kept investing.

“Our bias as a firm is to invest in technical infrastructure—the technical picks and shovels to help build b

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Author: Ryan Kawailani Ozawa

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