Investment DAO Hydra Ventures Raises $10M to Fund Other DAOs
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
:format(jpg)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Hydra Ventures, a decentralized investment fund, said it raised $10 million to invest in other investment-focused decentralized autonomous organizations (DAO).
Web3 investors such as 1kx, ConsenSys, Collab+Currency, Wicklow Capital and Seed Club were among the firms joining the round.
Hydra Ventures describes itself as a “fund of funds,” aimed at pooling investment for other investment DAOs looking to raise capital on behalf of their communities. There are over 40 such DAOs, according to data site DeepDAO.
A DAO is a blockchain-based organization governed by holders of its native crypto token, who vote on matters related to the running of the organization.
“Hydra Ventures DAO operates on the thesis that the investment DAO space will continue to grow, and ecosystem participants are better positioned to assess investments than a typical investment fund that is centrally owned and run by a few select partners,” the firm said.
Edited by Sheldon Reback.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jamie Crawley is a CoinDesk news reporter based in London.
