Singapore, Singapore, 18 May 2022, Chainwire
DoraHacks , a global hacker movement and one of web3’s most active developer incentive platforms, has announced a $20 million B1 series 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 several cutting-edge initiatives, including the Dao’s Dora Grant Grant, a decentralized grant community based on advanced management technologies, and Dora Infinite Fund, an ongoing venture capital fund funding breakthrough ideas in cutting-edge technology.
Last year, DoraHacks announced an $8 million strategic round led by Binance Labs. Following the $20 million acquisition of Dora Factory, the DoraHacks DAO-as-a-Service incubator, this additional funding increases the total amount invested in Dora’s core infrastructure over the past 18 months to nearly $50 million.
DoraHacks is best known for curating many of the world’s brightest Web3 startups through hackathons and grant programs. More than 2,000 startups and development teams have raised $25 million in grants from the DoraHacks platform.
More than 40 Web3 ecosystems, such as Solana, Polygon, and Avalanche, have adopted DoraHacks as a major partner in hackathons and community grant programs to access the global developer community.
DoraHacks conducts important research in the field of financing technologies and decentralized governance infrastructures. Following the introduction of quadratic voting and decentralized grants for multi-network communities, DoraHacks developed and implemented MACI (Zero-Knowledge, Collusive Voting) at ETHDenver 2022 and OpenSea hackathons.
“DoraHacks is committed to providing the best infrastructure for open source communities around the world. Our mission is to create an eternal hacker movement. With the addition of new strategic partners, we can make a greater contribution to the community of advanced technology startups,” said Eric Zhang, founder of DoraHacks.
“Empowering multi-network innovation has always been our mission at FTX,” said Adam Jean, a partner at FTX Ventures. “We believe that DoraHacks will continue to play a crucial role in Web3, and FTX will work closely with the Dora team to support startup founders. ».
DoraHacks launched the Dora Grant DAO earlier this year. Having raised $5 million from 30+ partners, the company plans to provide grants to even more post-hackathon and pre-investment projects. In addition, the company plans to launch an evergreen dora Infinite Fund facility by abandoning NFT in 2022.
“DoraHacks is key to developing infrastructure for Web3. Liberty City Ventures has always focused on groups relying on the promises of blockchain protocol and Web3 for real business and traditional industries. We expect more engagement with our portfolio companies as the ecosystem grows.” said Emil Woods, a partner at Liberty City Ventures, co-founder of Paxos and Lukka, two blockchain unicorns.
Since the end of 2020, DoraHacks has invested and incubated 20 projects, including the DAO-as-a-Service Dora Factory, the ZK Zecrey infrastructure, the Thetan Arena MOBA game for earnings, and the Web3 ETHSign tool infrastructure. DoraHacks is also a co-host of binance Labs’ incubation program.
“We are excited to launch Dora Infinite Ventures. We will fund new cutting-edge technology startups in Web3, quantum computing, and space. “That’s what Steve Ngoc, partner and commercial director of DoraHacks, said.
DoraHacks is a global hacker movement and the world’s most active multipurpose platform for Web3 developers. More than 2,000 projects in the DoraHacks community have received more than $21.5 million in grants and prizes from hackathons. DoraHacks.io has about 250,000 active users worldwide. The platform offers hackathons, bounties, quadratic funding, privacy voting, and other community management/funding tools. In addition, more than 40 Major Web3 ecosystems currently use the Dora framework to fund their open source communities.
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