Bloomberg: Hack VC has raised a $150 million fund focused on the cryptocurrency industry

ChainCatcher news, according to Bloomberg, venture capital firm Hack VC plans to announce on Tuesday that it has raised $150 million for a fund specifically dedicated to the digital asset industry, despite a sharp decline in funding for crypto startups last year.

Alex Pack, managing partner at New York-based Hack VC, stated that the firm has deployed about one-third of the new fund, primarily investing in early-stage startups. Companies that Hack VC has invested in include blockchain startup Mysten Labs and crypto finance company Amber Group. Hack VC previously raised a $200 million fund in 2022.

In an interview, Pack said, "The environment is more challenging now compared to a few years ago, but we are doing this because we are very excited about the infrastructure opportunities and everything we see in early-stage venture capital." He added, "There is still a group of nerds building things underground in the entire industry, and that hasn't stopped after FTX." Pack has been involved in crypto investments for nearly a decade and noted that the industry has rapidly evolved—first around Bitcoin, then expanding to various tokens and sectors. He expects this rapid change to continue: "I just think it's still too early for us."