DoraHacks, a hackathon organizer in the web3 space, has closed its latest funding round after raising $20 million. The Series B1 investment round was jointly led by FTX Ventures and Liberty City Ventures.
Other participants of the investment round are Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group.
DoraHacks has made its name in the web3 industry with its curated hackathons. According to the company, it has organized hackathons for companies and developer teams, including big names like Solana, Polygon and Avalanche.
“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,” said DoraHacks’ Founder, Eric Zhang.
Accelerating Services
The company is going to use the fresh capital to accelerate its services like Dora Grant DAO, a decentralized grant community, and the launch of Dora Infinite Fund, a permanent venture fund.
Dora Grant DAO has already been launched earlier this year, and it is aiming to provide grants to more post-hackathon-pre-investment stage projects. Moreover, for the Dora Infinite Fund, the company is planning a non-fungible token (NFT) drop this year.
“We’re excited to launch Dora Infinite Ventures. We will fund more frontier tech startups in Web3, quantum and space,” said Steve Ngok, a Partner and Director of Business at DoraHacks.
The latest funding round is not the big-ticket capital raise of the company. It raised $8 million from Binance Labs in a strategic round last year. Dora Factory, DoraHacks’ DAO-as-a-Service incubation, also raised a separate $20 million.
“Empowering multi-chain innovation has always been our mandate at FTX,” said Adam Jin, a Partner at FTX Ventures. “We believe DoraHacks will keep playing a crucial role in Web3, and FTX will work closely with the Dora team to support startup founders.”
