DoraHacks, the organizer of the global hackathon and one of the most active platforms for Web3 developer incentives, has raised $20 million in funding led by crypto exchange FTX investment arm FTX Ventures and Liberty City Ventures.
Other participants in the Series B1 funding round included Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group. The hackathon tech startup will use the new cash injection to launch the Dora Infinite Fund, a venture fund focused on non-fungible tokens (NFTs) and other disruptive ideas in frontier tech.
DoraHacks will also use the funding proceeds to accelerate the launch of other cutting-edge initiatives, including Dora Grant DAO, a decentralized grantmaking community built on advanced governance technologies.
Founded in 2014 by Jiannan Zhang, DoraHacks is best known for curating many of the world’s innovative Web3 startups via hackathons and grant programs. To date, over 2000 startups and development teams have received $25 million in grants from the DoraHacks platform.
Since 2020, DoraHacks has curated hackathons for over 200 Web 3 startups and development teams, including the Solana, Polygon, and Avalanche ecosystems.
“DoraHacks strives to provide the best infrastructure for open source communities worldwide. Our mission is to create an eternal hacker movement. With the addition of new strategic partners, we can better contribute to the Frontier Tech startup community,” said Eric Zhang, Founder of DoraHacks.
“Fostering multi-chain innovation has always been our mission at FTX,” said Adam Jin, Partner at FTX Ventures, “We believe DoraHacks will continue to play a critical role in Web3, and FTX will work closely with the Dora Team working together to support startup founders.”
The latest funding follows an $8 million funding raised by the startup last November in a strategic funding round led by Binance Labs. Earlier this year, DoraHacks launched Dora Grant DAO. With a $5 million war chest raised from over 30 partners, DoraHacks plans to provide grants for more projects in the post-hackathon pre-investment phase.
“DoraHacks is key to driving infrastructure development for Web3. At Liberty City Ventures, the focus has always been on groups building on the promise of the blockchain protocol and Web3 for real businesses and traditional industries. We expect increased engagement with our portfolio companies as the ecosystem grows,” said Emil Woods, partner at Liberty City Ventures, co-founder of Paxos and Lukka, two blockchain unicorns.