Hydra Ventures, a decentralized investment fund, said it raised $10 million to invest in other investment-focused decentralized autonomous organizations (DAO).
Web3 investors such as 1kx, ConsenSys, Collab+Currency, Wicklow Capital and Seed Club were among the firms joining the round.
Hydra Ventures describes itself as a "fund of funds," aimed at pooling investment for other investment DAOs looking to raise capital on behalf of their communities. There are over 40 such DAOs, according to data site DeepDAO.
A DAO is a blockchain-based organization governed by holders of its native crypto token, who vote on matters related to the running of the organization.
"Hydra Ventures DAO operates on the thesis that the investment DAO space will continue to grow, and ecosystem participants are better positioned to assess investments than a typical investment fund that is centrally owned and run by a few select partners," the firm said.
Read more: 'Alternative Internet' Builder Tomi Raises $40M to Attract Content Creators
Edited by Sheldon Reback.
Recommended for you:
- Trump Digital Trading Card Project Mints NFTs for Winners of Prizes
- Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January
- The Missing CryptoQueen Has Friends in (Very) High Places
- Join the Most Important Conversation in Crypto and Web3 in Austin, Texas April 26-28
