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Hydra Ventures, a web3 funding DAO fund of funds, has emerged at present with a $10 million increase. The DAO is solely targeted on backing, incubating, and collaborating in funding DAOs throughout the web3 ecosystem.
Members within the fundraise embrace notable web3 VCs and tasks equivalent to 1kx, Collab+Foreign money, Consensys Mesh, MetaCartel Ventures, Logos DAO, NEAR Basis, and Polygon Basis.
The pseudonymous enterprise capitalist Pet3rpan, a companion at enterprise agency 1kx, got here up with the concept for Hydra Ventures. Pet3rpan beforehand helped steer one other funding DAO, MetaCartel Ventures, which has deployed over $13 million throughout 70 tasks, together with Gitcoin and Gnosis Protected, in accordance with The Block.
Hydra Ventures’ core crew contains members from 1kx, MetaCartel, and Thing3, an operations-focused service DAO that can deal with Hydra’s administrative processes.
The decentralized fund of funds is absolutely owned and operated by greater than 70 members who’re individuals throughout the funding DAO panorama. These embrace The LAO, Flamingo DAO, GCR, SeedClub, Orange DAO, ReadyPlayer DAO, Symmetrical, Noise DAO, KRPDM, Chainforest, Beaker DAO, Matchbox DAO, Punk DAO, Purple DAO, VitaDAO.
Pet3rpan informed The Block that Hydra Ventures is “the primary science experiment the place energetic direct ecosystem individuals” as an alternative of institutional buyers function fund of funds.
Over the following three years, Hydra Ventures will deploy the funds throughout 20 to 30 funding DAOs with test sizes as much as $500,000 and moreover assist incubate seven to eight DAOs as a day-one companion. DeepDAO information exhibits that near 40 funding DAOs are presently energetic.
It additionally goals to supply group coordination, funding practices, organizational design, incentive design, and back-office help for its portfolio DAOs.
“Our mission is to proliferate the motion of funding DAOs, and additional assist set up new market normal practices for a way funding DAOs are operated, structured, and designed,” Hydra Ventures wrote in a weblog publish.
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