South Korean crypto VC Hashed launches new $200 million fund
December 1, 2021, 12:00PM EST
1 min read
Hashed, a crypto venture capital firm based in South Korea, has launched a new $200 million fund.
The Hashed Venture Fund II will invest in Web3 startups, including those focused on metaverse, blockchain gaming, NFTs, and DeFi.
"We are radically optimistic about web3's potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined," said Hashed.
The Fund I has been fully invested or committed via check sizes between $1 million and $10 million, Hashed CEO and managing partner Simon Seojoon Kim told The Block. The new fund has begun investing and is expected to be completely deployed within two years, he said.
The new fund will primarily focus on equity rounds of startups raising seed to Series B funding, said Kim, adding that token warrants are also allowed.
Crypto VCs as well as startups have been raising funds at a rapid pace. When asked why the sector is seeing high interest from investors, Kim said blockchain and crypto are the next generation of the internet where new innovative products and services are going to be built that can attract billions of users.
Kim expects that trend to continue in the near future.
In addition to launching the fund, Hashed announced it is promoting its two members Sean Hong and Baek Kim, as partners. Hong currently serves as the CFO at Hashed, and Kim presently leads global investments at the firm.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.