Key Takeaways
- • Hack VC closed a $200 million crypto seed fund led by veteran investors Alex Pack (formerly Dragonfly Capital and Bain Capital Ventures) and Ed Roman, completing fundraising in fall 2021 and positioning itself as a lead early-stage crypto investor.
- • The fund has deployed capital across at least 15 investments spanning decentralized finance, NFTs, and gaming, with recent checks into platforms including Goldfinch Finance, Yat (NFT emoji startup), and SynCity (metaverse gaming).
- • Pack and Roman's prior individual investments include exposure to major DeFi protocols Compound Finance and Terra, demonstrating deep protocol-level conviction ahead of the formal fund launch.
- • Hack VC's competitive advantage centers on its in-house Crypto Lab (approximately 5 of 10 team members), designed to position investors as early protocol users—critical in user-owned crypto networks where investor participation directly influences network dynamics.
- • The fund's thesis targets "scaffolding" for digital property rights systems with emphasis on emerging markets, moving beyond store-of-value narratives toward open financial system participation globally.
Summary
Hack VC, the venture arm backed by the organizers of hack.summit()—the world's largest blockchain developer conference—has formally launched a $200 million early-stage crypto investment fund. The vehicle closed fundraising in fall 2021 and represents a significant institutional commitment to seed-stage Web3 infrastructure, according to fund partner Alex Pack in remarks to TechCrunch.
The fund is helmed by Pack, who previously co-founded the global crypto fund Dragonfly Capital and spearheaded Bain Capital Ventures' entry into digital assets, and Ed Roman, a solo general partner with over a decade of early-stage tech and crypto investing experience. Both partners have demonstrated conviction through prior individual investments in marquee protocols, including DeFi lending platform Compound Finance and the Terra blockchain ecosystem, Pack disclosed.
Since completing its fundraise, Hack VC has maintained an aggressive deployment pace, completing at least 15 investments representing tens of millions in aggregate capital. Recent checks span multiple crypto verticals: Yat (an NFT-based emoji utility platform), Goldfinch Finance (a decentralized lending protocol), and SynCity (a metaverse gaming application). This diversified deployment across DeFi, NFTs, and gaming reflects a broad thesis rather than concentrated sector exposure.
The firm differentiates through its in-house Crypto Lab, which comprises roughly half of Hack VC's 10-person team. Pack emphasized that this technical infrastructure serves as a structural competitive advantage by enabling investors to function as early adopters of emerging protocols. This positioning is strategically significant because crypto networks operate as user-owned systems where investor participation and network effects are symbiotic—early adopter status translates to both informational advantage and protocol influence.
Hack VC's stated investment thesis targets what Pack describes as the "scaffolding" for a digital property rights system spanning the internet, with particular focus on emerging markets. While Pack acknowledged that store-of-value applications (Bitcoin analog) represent the most straightforward use case for digital-native property rights, he positioned the fund's conviction around enabling broader financial system access for unbanked and underbanked populations globally—a thesis that extends beyond commoditized digital gold narratives into structural financial inclusion infrastructure.
The fund is helmed by Pack, who previously co-founded the global crypto fund Dragonfly Capital and spearheaded Bain Capital Ventures' entry into digital assets, and Ed Roman, a solo general partner with over a decade of early-stage tech and crypto investing experience. Both partners have demonstrated conviction through prior individual investments in marquee protocols, including DeFi lending platform Compound Finance and the Terra blockchain ecosystem, Pack disclosed.
Since completing its fundraise, Hack VC has maintained an aggressive deployment pace, completing at least 15 investments representing tens of millions in aggregate capital. Recent checks span multiple crypto verticals: Yat (an NFT-based emoji utility platform), Goldfinch Finance (a decentralized lending protocol), and SynCity (a metaverse gaming application). This diversified deployment across DeFi, NFTs, and gaming reflects a broad thesis rather than concentrated sector exposure.
The firm differentiates through its in-house Crypto Lab, which comprises roughly half of Hack VC's 10-person team. Pack emphasized that this technical infrastructure serves as a structural competitive advantage by enabling investors to function as early adopters of emerging protocols. This positioning is strategically significant because crypto networks operate as user-owned systems where investor participation and network effects are symbiotic—early adopter status translates to both informational advantage and protocol influence.
Hack VC's stated investment thesis targets what Pack describes as the "scaffolding" for a digital property rights system spanning the internet, with particular focus on emerging markets. While Pack acknowledged that store-of-value applications (Bitcoin analog) represent the most straightforward use case for digital-native property rights, he positioned the fund's conviction around enabling broader financial system access for unbanked and underbanked populations globally—a thesis that extends beyond commoditized digital gold narratives into structural financial inclusion infrastructure.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.