On May 18, 2022, in Singapore — DoraHacks, the global hacker movement and one of the most active Web3 developer incentive platforms, announced a $20 million Series B1 investment la led by FTX Ventures and Liberty City Ventures. The funding round also included: Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group.
DoraHacks announced an $8 million strategic funding round last year, led by Binance Labs. Followed by a $20 million raise by Dora Factory, DoraHacks’ DAO-as-a-Service incubator, this additional funding brings the total investment in Dora’s core infrastructure over 18 months over 50 million dollars.DoraHacks is best known for managing many of the world’s brightest Web3 startups through hackathons and funding programs. Over 2000 startups and developer teams have raised $25 million in funding from the DoraHacks platform.
Over 40 Web3 ecosystems such as Solana, Polygon, and Avalanche have accepted DoraHacks as a key partner in hackathons and crowdfunding to reach the global developer community.
DoraHacks has been driving significant research efforts in funding decentralized governance technology and infrastructure. Following the introduction of quadratic voting and decentralized grants for multi-chain communities, DoraHacks developed and implemented MACI (zero-knowledge, voting against collusion) in ETHDenver 2022 and OpenSea hackathons.
“DoraHacks strives to provide the best infrastructure for open source communities around the world. Our mission is to create a permanent hacker movement. With the participation of new strategic partners, we can better contribute to frontier tech’s startup community.“ Eric Zhang, founder of DoraHacks said.
“Empowering cross-chain innovation has always been our mission at FTX,” said Adam Jin, Partner at FTX Ventures, “We believe DoraHacks will continue to do so,” said Adam Jin, partner at FTX Ventures. continues to play an important role in Web3 and FTX will work closely with the Dora team to support startup founders.
DoraHacks launched the Dora Grant DAO earlier this year. After raising $5 million from over 30 partners, the company plans to provide funding for more post-hackathon pre-investment phase projects. Additionally, the company plans to set up an evergreen venture, the Dora Infinite Fund, which will work through its NFT reduction in 2022.
“DoraHacks is key to driving the growth of infrastructure for Web3. At Liberty City Ventures, the focus has always been on teams building on the promise of blockchain and Web3 protocols for real businesses and traditional industries. We expect increased engagement with the companies in our portfolio as the ecosystem grows. ” said Emil Woods, Partner at Liberty City Ventures, Co-Founder of Paxos and Lukka, two blockchain unicorns.
Since the end of 2020, DoraHacks has invested in and incubated 20 projects, including DAO-as-a-Service Dora Factory, ZK Zecrey infrastructure, MOBA play-to-earn Thetan Arena and public infrastructure Web3 ETHSign tool. DoraHacks is also a co-host of the Binance Labs incubation program.
“We are very excited to launch Dora Infinite Ventures. We will further fund leading tech startups in Web3, quantum and space.“ Steve Ngok, Partner and Sales Director at DoraHacks said so.
DoraHacks is a global hacker movement and the most active multi-chain Web3 developer incentive platform in the world. Over 2000 projects from the DoraHacks community have received over $21.5 million in grants and hackathons. DoraHacks.io has approximately 250,000 active users worldwide. The platform offers hackathons, bounties, quadratic funding, privacy voting, and other community funding/governance toolkits. Additionally, more than 40 major Web3 ecosystems are currently using the Dora infrastructure to fund their open source communities.