Crypto Venture Giant Hack VC Raises $77M for its ‘Oversubscribed’ Third Fund
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Prominnet crypto fund Hack VC has raised $77 million for its third fund, nearing its target of $80 million.
The fund has exceeded expectations and is now considered “oversubscribed,” Fortune reported, citing filings with the Securities and Exchange Commission (SEC), internal documents, and sources familiar with the matter.
Founded by Alex Pack and Ed Roman, two seasoned blockchain experts, Hack VC is focusing its latest fund on seed-stage investments.
The firm started deploying capital from this fund in 2023, achieving impressive early returns.
Documents shared with investors reveal a net return of 1.7 times the initial capital invested, benefiting from a recent upswing in the crypto market.
Hack VC launched its first fund in 2021, closing with $206 million in commitments.
The fund, however, saw some early challenges, returning 90% of its invested capital and showing a slight loss overall.
Nonetheless, this did not deter the firm from moving forward, raising a $150 million second fund in 2022, this time focusing on later-stage companies and token investments.
The second fund delivered a net return of 150%, with notable success in projects such as io.net, a decentralized cloud computing network, and Elixir, a liquidity network for crypto exchanges.
JUST IN: @hack_vc, a crypto venture fund founded by blockchain veterans @alpackaP and @ed_roman, has raised $77 million for an oversubscribed third blockchain fund, documents show. pic.twitter.com/S3gwuz3KLM
In a recent interview, Pack described the crypto industry as being in a similar
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