Hydra Ventures Secures $10 Million to Support Other Web3 Investment DAOs
In Brief
In today's announcement, Hydra Ventures has proclaimed itself as the pioneering investment DAO fund of funds.
Hydra Ventures is committed to fostering and engaging with investment DAOs throughout the web3 landscape.
Over the next three years, the goal is to invest in 20 to 30 investment DAOs, each with investments reaching up to $500,000.
Today we celebrate the debut of Hydra Ventures, a fund of funds specializing in web3 investment DAOs, which has secured an initial funding of $10 million. This DAO is dedicated to supporting, nurturing, and being a part of investment DAOs across the web3 ecosystem.
Among the contributors to this fundraising effort are prominent web3 venture capitalists and projects including 1kx, Collab+Currency, Consensys Mesh, MetaCartel Ventures, Logos DAO, NEAR Foundation, and Polygon Foundation.
The idea for Hydra Ventures originated from the pseudonymous venture capitalist known as Pet3rpan, who is associated with the venture firm 1kx. Pet3rpan has previously guided another investment DAO, MetaCartel Ventures, which has allocated over $13 million to around 70 projects, such as Gitcoin and Gnosis Safe, as reported by The Block.
The core team behind Hydra Ventures consists of members from 1kx, MetaCartel, and Thing3, which is a service DAO focused on operational aspects to streamline Hydra's administrative tasks.
This decentralized fund of funds is collectively owned and governed by over 70 members who are active participants in the investment DAO space. This diverse group includes The LAO, Flamingo DAO, GCR, SeedClub, Orange DAO, ReadyPlayer DAO, Symmetrical, Noise DAO, KRPDM, Chainforest, Beaker DAO, Matchbox DAO, Punk DAO, Red DAO, and VitaDAO.
Pet3rpan told The Block Hydra Ventures positions itself as 'the first trial run where active participants in the ecosystem,' rather than traditional institutional investors, manage the fund of funds.
In the upcoming three years, Hydra Ventures plans to allocate its resources across 20 to 30 investment DAOs, with each investment potentially reaching up to $500,000, while also assisting in the incubation of about seven to eight DAOs right from the start. DeepDAO Current data suggests that nearly 40 investment DAOs are operational at this moment.
Additionally, the venture intends to provide support in areas like community management, investment strategies, organizational setup, incentive structures, and back-office services for its portfolio of DAOs.
Hydra Ventures has articulated its mission to expand the movement of investment DAOs while also helping to set new standard practices for their operation, structure, and design, as mentioned in a recent statement. blog post .
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