DoraHacks Raises $20 Million to Advance Web3 Projects

DoraHacks – the decentralized global hacker community that connects hackers to enterprise challenges – has successfully completed its Series B1 investment round. Led by venture capital funds FTX Ventures and Liberty City Ventures, DoraHacks has added $20 million from a consortium of investors, including Amber Group, Circle Ventures, Crypto.com Capital, Gemini Frontier Fund, and Sky9 Capital.

This fresh capital injection will be allocated to developing, launching, and scaling several cutting-edge initiatives, including the Dora Grant DAO (decentralized autonomous organization) and the Dora Infinite Fund. Both initiatives aim to add more value to the DoraHacks platform, as the DAO will serve as a decentralized grant community while, simultaneously, the Fund will serve as a permanent venture for funding disruptive ideas.

On leading the investment round, Emil Woods, the co-founder of Paxos and Lukka, and Partner at Liberty City Ventures, explains, “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.”

Earlier in 2021, DoraHacks raised $8 million via its Binance Labs-led strategic funding round. Following this effort, the platform collected another $20 million for Dora Factory, its DAO-as-a-service initiative. Moreover, with the completion of the recent Series B1 investment round, the total amount invested across Dora’s products and services in the past 18 months stands close to $50 million.

Helping Blockchains Improve Security

DoraHacks is a global hackathon organizer and one of the world’s most active communities for Web3 developers. The firm has been at the forefront of driving (and funding) innovative decentralized governance technologies and DAO infrastructures. 

With more than 250,000 active users worldwide, DoraHacks is a multi-feature platform that brings together global talents, including developers, technology practitioners, and entrepreneurs. The platform offers hackathons, bounty, quadratic funding, and privacy voting alongside other community governance and funding toolkits, all to help secure blockchain ecosystems.

To date, the platform has helped 2,000 startups and developer teams raise more than $25 million worth of grants. Over 40 mainstream blockchain ecosystems have already added DoraHacks as a core partner in their platform-native hackathons and community grant programs.

Moreover, the DoraHacks team is continuously adding new features to make the platform more appealing for both projects and developer teams. The platform had recently introduced quadratic voting and decentralized grants to multichain communities – features that several Web3 ecosystems have already adopted. 

Earlier this year, the DoraHacks team launched the Dora Grant DAO. Currently, the DAO has fundraised over $5 million from more than 30 partners to support grants for post-hackathon-pre-investment stage projects. Since 2020, DoraHacks has incubated and invested in more than 20 projects, including the multiplayer online battle arena play-to-earn game Theta Arena, the DAO-as-a-service Dora Factory, Web3 tooling infrastructure project ETHSign, and ZK (zero-knowledge) startup Zecrey, among others.

According to Eric Zhang, founder of DoraHacks, “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.”

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