DoraHacks Raises $20 Million Led by FTX Ventures and Liberty City Ventures To Scale Its Global Web 3.0 Startup Platform
May 18, 2022 – Singapore, Singapore
DoraHacks, the global hacker movement and one of the most active Web 3.0 developer incentive platforms, announced a $20 million Series B1 investment led by FTX Ventures and Liberty City Ventures. Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group joined the round.
According to the company, the funding will accelerate the launch of multiple cutting-edge initiatives, including Dora Grant DAO, a decentralized grant community powered by advanced governance technologies, and Dora Infinite Fund, a permanent venture funding disruptive ideas in frontier tech.
DoraHacks announced an $8 million strategic round last year, led by Binance Labs. Followed by the $20 million raise of Dora Factory, DoraHacks’ DAO-as-a-service incubation, this additional funding brings the total amount invested in Dora core infrastructures over the past 18 months to nearly $50 million.
DoraHacks is most famous for curating many of the world’s brightest Web 3.0 startups via hackathons and grant programs. Over 2,000 startups and developer teams have raised $25 million worth of grants from the DoraHacks platform.
More than 40 Web 3.0 ecosystems like Solana, Polygon and Avalanche have adopted DoraHacks as a core partner in hackathons and community grant programs to access the global developer community.
DoraHacks has been driving critical research efforts in funding technology and decentralized governance infrastructures. After introducing quadratic voting and decentralized grants to multi-chain communities, DoraHacks has developed and implemented MACI (zero-knowledge, collusion-resistant voting) in ETHDenver 2022 and OpenSea hackathons.
Eric Zhang, founder of DoraHacks, said,
“DoraHacks strives to provide the best infrastructure for open-source communities worldwide. Our mission is to create an everlasting hacker movement. With new strategic partners joining, we can better contribute to frontier tech’s startup community.”
Adam Jin, partner at FTX Ventures, said,
“Empowering multi-chain innovation has always been our mandate at FTX. We believe DoraHacks will keep playing a crucial role in Web 3.0, and FTX will work closely with the Dora team to support startup founders.”
DoraHacks launched Dora Grant DAO earlier this year. Having raised $5 million from over 30 partners, the company plans to provide grants to more post-hackathon pre-investment stage projects. In addition, the company plans to set an evergreen venture, the Dora Infinite Fund, in motion via an NFT drop in 2022.
Emil Woods, partner at Liberty City Ventures and co-founder of Paxos and Lukka, two blockchain unicorns, said,
“DoraHacks is key to advancing the development of the infrastructure for Web 3.0. At Liberty City Ventures, the focus has always been on groups building upon the promise of blockchain protocol and Web 3.0 for real businesses and traditional industries. We expect increased engagement with our portfolio companies as the ecosystem grows.”
Since late 2020, DoraHacks has invested in and incubated 20 projects, including DAO-as-a-service Dora Factory, ZK infrastructure Zecrey, MOBA play-to-earn Thetan Arena and Web 3.0 tooling infrastructure ETHSign. DoraHacks is also the co-host of the Binance Labs incubation program.
Steve Ngok, partner and director of business at DoraHacks, said,
“We’re excited to launch Dora Infinite Ventures. We will fund more frontier tech startups in Web 3.0, quantum and space.”
About DoraHacks
DoraHacks is a global hacker movement and the world’s most active multi-chain Web 3.0 developer incentive platform. More than 2,000 projects from the DoraHacks community have received over $21.5 million in grants and hackathon prizes. DoraHacks.io has around 250,000 active users worldwide.
The platform offers hackathons, bounty, quadratic funding, privacy voting and other community governance/funding toolkits. In addition, over 40 major Web 3.0 ecosystems are currently using Dora infrastructures to fund their open source communities.
Contact
Steve Ngok, partner and director of business at DoraHacks
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