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DoraHacks Secures $20 Million In Series B1 Funding From FTX Ventures And Others To Keep Incubating Web3 Startups

DoraHacks Secures $20 Million In Series B1 Funding From FTX Ventures And Others To Keep Incubating Web3 Startups

Hacking has many benefits for projects looking to innovate. DoraHacks, a global hacker movement and Web3 developer incentive platform is one such "good" hacker-oriented initiative. The team raised $20 million to expand its platform and incentivize more people to participate. 

A Big Step For DoraHacks

The DoraHacks initiative has gained strong momentum since its inception. Its primary purpose is to aid Web3 initiatives through hackathons and grant programs. So far, the team has curated the world's biggest Web3 startups, spanning over 2,000 partners and developer teams. Those efforts have raised $25 million in grants through the DoraHaks platform, further solidifying the project's market position. 

Furthermore, several dozen Web3 ecosystems have embraced DoraHacks as a core partner in hackathons and community grant programs. Partners include Solana, Polgon, Avalanche, etc. These are all top-tier blockchain and crypto projects today, thanks to a forward-thinking approach to accessing a global community of developers and builders. 

The decentralized web, or Web3, will only be as powerful as the technology it runs on. Moreover, it puts a substantial emphasis on decentralized governance, which requires robust infrastructure. DoraHacks has introduced quadratic voting and decentralized grants to multi-chain communities and zero-knowledge collusion-resistant voting. Those latter developments were showcased during the ETHDenver 2022 and OpenSea hackathons this year.

Furthermore, the DoraHacks initiative received a boost through the launch of Dora Grant DAO. The Decentralized Autonomous Organization secured $5 million from over 30 partners to provide grants to post-hackathon-pre-investment stage projects. Later this year, the team will add the Dora Infinite Fund to its arsenal. 

Raising An Extra $20 Million

The DoraHacks initiative has been successful at raising funds. It secured close to $50 million in the past 18 months, including $8 million in strategic funding in 2021 and $20 million through Dora Factory, the DAO-as-a-service incubation venture. This week, the team secured $20 million in Series B1 funding from FTX Ventures, Liberty City Ventures, Gemini Frontier Fund, Sky9 Capital, etc. 

FTX Ventures Partner Adam Jin comments:

“Empowering multi-chain innovation has always been our mandate at FTX. We believe DoraHacks will keep playing a crucial role in Web3, and FTX will work closely with the Dora team to support startup founders.”

Similar sentiment is echoed by Liberty Ventures Partner Emil Woods:

“DoraHacks is key to advancing the development of the infrastructure for Web3. At Liberty City Ventures, the focus has always been on groups building upon the promise of blockchain protocol and Web3 for real businesses and traditional industries. We expect increased engagement with our portfolio companies as the ecosystem grows.”

Through these multiple rounds of funding, DoraHacks was able to incubate 20 different projects. That list includes Zecrey, Thetan Arena, ETHSign, and others. Additionally, DoraHacks is the co-host of the Binance Labs incubation program, which recently welcomed its fourth class of participants.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.