EMURGO Ventures is part of a funding round joined by institutional investors Binance Labs, FTX Ventures, Circle Ventures, Gemini Frontier Fund, Crypto.com Capital, and Sky9 Capital.
SINGAPORE, Aug. 29, 2022 /PRNewswire/ — EMURGO Ventures, the venture arm of EMURGO, one of the founding entities of Cardano blockchain, today announced an investment into DoraHacks, a global leading Web3 hackathon organizer and the world’s most active multi-chain Web3 developer community with over 300,000 multi-chain developers and experts.
As a founding entity of Cardano – the largest proof-of-stake blockchain by market cap with its community of over 3.8 million active ADA addresses – this funding will support EMURGO and DoraHacks to host global hackathons exclusively for Cardano’s ecosystem and identify co-investment opportunities into high potential Web3 dApps displaying synergy with Cardano’s blockchain via DoraFactory, DoraHacks’ DAO-as-a-Service infrastructure which allows open-source projects to create decentralized autonomous organizations for their communities to govern and finance the projects.
DoraHacks’ ecosystem aims to create the largest decentralized open-source Web3 developer community through its platform which hosts hackathons and decentralized funding mechanisms for its developer community as well as other known blockchain developer communities. DoraHacks has already funded over 2,000 startups and $25 million in grants and is also currently providing funding technology and decentralized governance infrastructure to 40+ Web3 ecosystems and their respective developer communities.
The global market for blockchain & Web3 VC funding surged from $3 billion in 2020 to more than $25 billion in 2021, a staggering growth of 713% and a clear indication of market acceptance for Web3 projects and a rapidly expanding pool of Web3 developer talent .
"EMURGO Ventures is thrilled to invest and partner with DoraHacks, a frontier tech leader in building and fostering a global Web3 developer community," said Kaimin Hu, Venture Partner at EMURGO Ventures. "We expect this investment to drive and scale Cardano’s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to Cardano’s decentralized funding programs for Cardano devs, and ultimately accelerate Cardano’s Web3 in the years to come."
"DoraHacks is pleased to team up with EMURGO Ventures to bring innovation to the Cardano ecosystem. This long-term partnership entails both parties to join forces on future hackathons, community grant programs, bounties, and curation of brilliant teams that will play crucial roles in the Cardano universe," said Steve Ngok, Partner at DoraHacks.
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EMURGO Ventures is a wholly owned investment subsidiary of parent company EMURGO Ptd. Ltd. ("EMURGO") and invests in a variety of startups and middleware solutions companies to drive Cardano’s Web3 adoption.
EMURGO has offices in Singapore, India, and Indonesia, the U.S., and a roster of global clients & partners. To connect and learn more, visit https://emurgo.io.
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DoraHacks.io is a global hacker movement and the world’s most active multi-chain Web3 developer incentive platform. More than 2500 projects from the DoraHacks community have received over $25 million in grants and hackathon prizes. DoraHacks.io has around 250,000 active users worldwide. The platform offers hackathons, bounty, quadratic funding, privacy voting, and other community governance/funding toolkits. In addition, over 40 major Web3 ecosystems are currently using Dora infrastructures to fund their open-source communities.
SOURCE EMURGO Ventures