Venture capital firm HackVC is launching a $500 million crypto venture fund, two people familiar with the matter said on March 11. A spokesman for the company declined to comment. HackVC has been courting large institutional investors for the fund, including endowments and foundations.
In addition, sources said the company has started raising capital in recent weeks and said raising $500 million should not be a problem as the fund has secured funding from companies including Fidelity, Sequoia and Temasek, as well as AnchorageDigital, BlockFi, Maker and Terra. support.
The company’s seed funding closed last year and has since put money into dozens of deals, the sources added. The new fund will allow HackVC to double its profitable private equity investments. The timeline for the company to raise the latest funding is unclear.
Another area of growth for the business is liquid cryptocurrency trading and market making for DeFi, and will also be involved in staking, governance issues, and providing liquidity to the protocol, the sources said. HackVC’s seed funding is focused on Web3 companies and DeFi startups, and the new fund will likely focus on a similar area of cryptocurrencies as well. Previously, HackVC had launched a $200 million crypto seed fund last fall.