DoraHacks raises $20m from FTX, Liberty City, Circle, Gemini, Crypto.com, more
DoraHacks partners with several web3 ecosystems, including Solana, Polygon, and Avalanche to provide access to the global developer community and has been driving key research.
DoraHacks has raised $20 million in a Series B1 investment led by FTX Ventures and Liberty City Ventures, with the participation of Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group.
The global hacker movement plans to use the funds to scale its global Web3 startup platform, which is already one of the world’s most active Web3 developer incentive structures.
The community curates many of the world’s brightest Web3 startups via hackathons and grant programs, with more than 2000 startups and developer teams having raised $25 million worth of grants from the DoraHacks platform.
DoraHacks has previously raised $8 million in a round led by Binance Labs and $20 million for its DAO-as-a-Service incubation. The additional funding brings the total amount invested in Dora’s core infrastructures over the past 18 months to nearly $50 million.
The $20 million raised will accelerate the launch of multiple cutting-edge initiatives, including Dora Grant DAO, a decentralised grant community powered by advanced governance technologies, and Dora Infinite Fund, a permanent venture funding disruptive ideas in frontier tech.
DoraHacks launched Dora Grant DAO earlier this year. Having raised $5 million from 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.
DoraHacks has 250,000 active users
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, commented: “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.”
Emil Woods, Partner at Liberty City Ventures, Co-Founder of blockchain unicorns Paxos and Lukka, stated: “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.”
Steve Ngok, Partner and Director of Business at DoraHacks, added: “We’re excited to launch Dora Infinite Ventures. We will fund more frontier tech startups in Web3, quantum, and space”.
More than 2000 projects from DoraHacks’ community of 250,000 active users have received over $21.5 million in grants and hackathon prizes. The platform offers hackathons, bounty, quadratic funding, privacy voting, and other community governance/funding toolkits.
DoraHacks partners with several web3 ecosystems, including Solana, Polygon, and Avalanche to provide access to the global developer community and has been driving research in funding technology and decentralized governance infrastructures, including quadratic voting and decentralised grants to multi-chain communities, as well as MACI (zero-knowledge, collusion-resistant voting).