ChainCatcher reported that according to Bloomberg, venture capital firm Hack VC plans to announce on Tuesday that it has raised a $150 million fund specifically for the digital asset industry, despite a sharp decline in financing for crypto startups last year.
Alex Pack, managing partner of New York-based Hack VC, said the firm has deployed about a third of its new fund, investing primarily in early-stage startups. Hack VC’s portfolio companies include blockchain startup Mysten Labs and crypto finance firm Amber Group. Hack VC previously raised a $200 million fund in 2022.
“It’s a more challenging environment than it was a few years ago, but we’re doing this because we’re really excited about the infrastructure opportunity and what we’re seeing in early-stage venture,” Pack said in an interview. “There’s still a bunch of nerds in the industry building stuff in the underground, and that hasn’t stopped after FTX,” he said. Pack, who has been involved in crypto investing for nearly a decade, noted that the industry has rapidly transformed — first around Bitcoin and then expanding to a variety of tokens and industries. He expects the rapid change to continue: “I just think we’re still a little early.”