FTX Ventures and Liberty City Ventures led a $20 million Series B1 investment in DoraHacks, the global hacker movement, and one of the most active Web3 developer incentive platforms. The round was joined by Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group.
The money will help the company develop a number of cutting-edge projects, including Dora Grant DAO, a decentralized grant community powered by sophisticated governance technologies, and Dora Infinite Fund, a permanent venture that funds innovative ideas in frontier tech, according to the company.
Binance Labs led an $8 million strategic round for DoraHacks last year. This extra funding, together with the $20 million raised by Dora Factory, DoraHacks’ DAO-as-a-Service incubation, raises the total amount invested in Dora core infrastructures over the last 18 months to approximately $50 million.
DoraHacks is well known for hosting hackathons and funding programs that help many of the world’s most promising Web3 startups. The DoraHacks platform has helped over 2000 companies and development teams win $25 million in grants.
DoraHacks has been adopted as a core partner in hackathons and community grant programs by more than 40 Web3 ecosystems, including Solana, Polygon, and Avalanche.
DoraHacks has been at the forefront of important research into finance technologies and decentralized governance systems. DoraHacks designed and implemented MACI (zero-knowledge, collusion-resistant voting) in the ETHDenver 2022 and OpenSea hackathons after introducing quadratic voting and decentralized grants to multi-chain communities.
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 Web3, and FTX will work closely with the Dora team to support startup founders.”
Dora Grant DAO was launched by DoraHacks early this year. The organization wants to provide grants to other post-hackathon, and pre-investment stage initiatives after raising $5 million from 30+ partners. In addition, the company intends to launch the Dora Infinite Fund, an evergreen venture, via an NFT drop in 2022.
“DoraHacks is key to advancing the development of the infrastructure for Web3. At Liberty City Ventures, the focus has always been on groups building upon the promise of blockchain protocol and Web3 for real businesses and traditional industries. We expect increased engagement with our portfolio companies as the ecosystem grows.” said Emil Woods, Partner at Liberty City Ventures, Co-Founder of Paxos and Lukka, two blockchain unicorns.
DoraHacks has invested in and incubated 20 projects since late 2020, including Dora Factory, a DAO-as-a-Service platform, Zecrey, a ZK infrastructure platform, Thetan Arena, a MOBA play-to-earn platform, and ETHSign, a Web3 tooling infrastructure platform. DoraHacks is also a co-host of Binance Labs, a cryptocurrency incubator.
“We’re excited to launch Dora Infinite Ventures. We will fund more frontier tech startups in Web3, quantum, and space. “So said Steve Ngok, Partner and Director of Business at DoraHacks.