Key Takeaways
- • Hack VC closed a $200 million crypto seed fund targeting early-stage blockchain and Web3 startups, with the fund anchored by veteran crypto investors Alex Pack and Ed Roman.
- • Pack previously co-founded Dragonfly Capital and led Bain Capital Ventures' digital assets division, while Roman spent over 10 years investing in early-stage tech and crypto companies; together they bring institutional and crypto-native investment experience.
- • The fund has completed at least 15 investments worth tens of millions of dollars since finalizing fundraising in fall 2021, spanning DeFi platforms (Compound Finance, Terra, Goldfinch Finance), NFT infrastructure (Yat), and metaverse gaming (SynCity).
- • Hack VC's investment thesis centers on "scaffolding" for digital property rights systems with emphasis on emerging markets adoption, positioning store-of-value applications like Bitcoin as secondary to broader financial inclusion use cases.
- • The firm operates a dedicated in-house Crypto Lab with approximately 10 team members, designed to provide competitive advantage through early protocol adoption and deep technical engagement with user-owned crypto networks.
Summary
Hack VC, the venture firm behind hack.summit()—described as the world's largest blockchain programmer event—has launched a $200 million crypto seed fund focused on early-stage blockchain and Web3 startups. Fund partner Alex Pack announced the close to TechCrunch, emphasizing the firm's thesis around building digital property rights infrastructure with particular relevance for emerging markets.
The fund is led by Pack, a seasoned crypto investor who previously co-founded Dragonfly Capital and spearheaded Bain Capital Ventures' entry into digital assets, and Ed Roman, a solo general partner with more than a decade of early-stage tech and crypto investment experience. Both founders hold personal stakes in several early-stage crypto platforms, with Pack specifically citing prior investments in DeFi leaders Compound Finance and Terra as representative of the fund's track record.
Since closing fundraising in fall 2021, Hack VC has deployed capital across at least 15 investments spanning multiple crypto verticals. Portfolio companies include Yat (an NFT emoji startup), Goldfinch Finance (a DeFi lending protocol), and SynCity (a metaverse gaming platform), demonstrating broad sector exposure within the digital assets ecosystem. While Pack declined to specify total deployment amounts, he characterized the investments as "worth tens of millions of dollars."
The firm's competitive positioning relies on a dedicated in-house Crypto Lab comprising roughly half of its approximately 10-person team. Pack emphasized that because crypto networks are user-owned and governance-driven, early investor participation in protocol adoption creates material advantages. This hands-on, technical approach distinguishes Hack VC from traditional venture capital firms entering the crypto space.
Pack articulated the fund's investment philosophy as distinct from pure store-of-value narratives. Rather than pursuing "digital gold" applications, he emphasized the broader opportunity to build property rights systems enabling worldwide participation in open financial infrastructure—a thesis particularly resonant for underbanked populations in emerging markets seeking access to decentralized finance platforms.
The fund is led by Pack, a seasoned crypto investor who previously co-founded Dragonfly Capital and spearheaded Bain Capital Ventures' entry into digital assets, and Ed Roman, a solo general partner with more than a decade of early-stage tech and crypto investment experience. Both founders hold personal stakes in several early-stage crypto platforms, with Pack specifically citing prior investments in DeFi leaders Compound Finance and Terra as representative of the fund's track record.
Since closing fundraising in fall 2021, Hack VC has deployed capital across at least 15 investments spanning multiple crypto verticals. Portfolio companies include Yat (an NFT emoji startup), Goldfinch Finance (a DeFi lending protocol), and SynCity (a metaverse gaming platform), demonstrating broad sector exposure within the digital assets ecosystem. While Pack declined to specify total deployment amounts, he characterized the investments as "worth tens of millions of dollars."
The firm's competitive positioning relies on a dedicated in-house Crypto Lab comprising roughly half of its approximately 10-person team. Pack emphasized that because crypto networks are user-owned and governance-driven, early investor participation in protocol adoption creates material advantages. This hands-on, technical approach distinguishes Hack VC from traditional venture capital firms entering the crypto space.
Pack articulated the fund's investment philosophy as distinct from pure store-of-value narratives. Rather than pursuing "digital gold" applications, he emphasized the broader opportunity to build property rights systems enabling worldwide participation in open financial infrastructure—a thesis particularly resonant for underbanked populations in emerging markets seeking access to decentralized finance platforms.
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