DoraHacks raises $20M from investors to scale its Web3 platform

DoraHacks, one of the world’s leading hacker movements and most active Web3 developer initiatives, has secured $20 million in its series B1 round.

The investment was co-led by FTX Ventures and Liberty City Ventures, with participation from Circle Ventures, Gemini Frontier Fund, Crypto.com Capital, Sky9 Capital, and Amber Group.

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The funding brings the company’s total financing over the past 18 months close to $50 million. in 2021, the firm raised $8 million in a strategic round led by Binance Labs and $20 million for its Dora Factory, a DAO-as-a-Service incubation hub.

Commenting on the funding, DoraHacks founder Eric Zhang 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.

New initiatives include a grant DAO and venture fund

DoraHacks plans to use the funds to launch and accelerate the development of multiple cutting-edge initiatives, according to details in an announcement shared with Invezz on Wednesday. Among the initiatives, the platform has its eyes on including a decentralized grant community dubbed Dora Grant DAO and a venture fund called Dora Infinite Fund.

DoraHacks is a growing force in the Web3 space, with over 2000 startups funded via hackathons and grant programs. More than 40 Web3 ecosystems, including Avalanche, Solana and Polygon have leveraged DoraHacks in the hackathons and other community programs. The platform is also the co-host of the Binance Labs’ incubation program.