Web3 Hackathon Incubator DoraHacks Nabs $20M From FTX, Liberty City
The fresh injection of capital will go to further the platform’s offerings, including a developer fund and a DAO for Web3 community grants
Blockworks exclusive art by axel rangel
key takeaways
- FTX Ventures and Liberty City Ventures led the round, banking on DoraHacks’ capacity to facilitate funding in Web3 startups
- Total funding to date for Dora has reached almost $50 million since its inception in late 2020
Crypto Web3 developer incentive platform DoraHacks has raised tens of millions of dollars in fresh funding from some of the industry’s largest investment arms.
According to a press release on Wednesday, the platform has picked up $20 million in a Series B1 funding round aiming to accelerate its offerings, including its decentralized autonomous organization, Dora Grant DAO, which launched earlier this year.
The investment, led by FTX Ventures and Liberty City Ventures, will also go toward Dora’s Infinite Fund which aims to pour money into “disruptive ideas” in fintech. The fund is slated for sometime later in the year via a non-fungible token (NFT) drop, Dora said.
Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group also participated in the round.
The funding follows on the heels of an $8 million strategic round led by Binance Labs last year. The platform also picked up a further $20 million raise for its DAO-as-a-service incubator. Total funding to date for the budding ecosystem has reached nearly $50 million, per the release.
DoraHacks’ platform supports and curates Web3 startups via hackathons – an event for programmers, designers and others to collaborate on projects. The platform said it has raised $25 million worth of grants for more than 2000 startups since its inception, per the release.
More than 40 Web3 ecosystems including the likes of Solana, Polygon and Avalanche have adopted DoraHacks as a “core partner” in hackathons and community grant programs, providing access to the global developer community, Dora said.
“DoraHacks is key to advancing the development of the infrastructure for Web3,” Liberty City Ventures partner Emil Woods said. “We expect increased engagement with our portfolio companies as the ecosystem grows.”
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