FTX, Liberty City Ventures lead a $20 million Series B investment in Web3 Dev Platform DoraHacks

DoraHacks, the organizer of the global hackathon and one of the most active Web3 developer incentive platforms, has raised $20 million in funding led by FTX Ventures, the investment arm of crypto exchange FTX, 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 infusion to launch 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 grant community powered by 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 developer teams have raised $25 million worth of grants from the DoraHacks platform.

Since 2020, DoraHacks has curated hackathons for over 200 Web 3 startups and developer 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 everlasting hacker movement. With new strategic partners joining, we can better contribute to frontier tech’s startup community.” said Eric Zhang, founder of DoraHacks.

“Empowering multi-chain innovation has always been our mandate at FTX, ” said Adam Jin, Partner at FTX Ventures, “We believe DoraHacks will keep playing a crucial role in Web3, and FTX will work closely with the Dora team to support startup founders.”

The latest funding follows an $8 million funding the startup raised 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 said it plans to provide grants to more post-hackathon-pre-investment stage projects.

“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.” said Emil Woods, Partner at Liberty City Ventures, Co-Founder of Paxos and Lukka, two blockchain unicorns.