DoraHacks Receives $20M from FTX Ventures. Gemini, CryptoCom Capital To Accelerate Web3 Development

DoraHacks is a global hacker community and Web 3.0 developer group that has raised $20 million in a Series B1 round of funding to accelerate its Web 3.0 platform’s growth.

DoraHacks Raises $20M

The round was led FTX Ventures/Liberty City Ventures. Participation from Circle Ventures/Gemini Frontier Fund, Sky9 Capital and Crypto.com Capital were also included.

According to a Press Release shared, The company plans to use the capital to scale and accelerate multiple initiatives including a venture fund and decentralized grant community.

Eric Zhang, founder of Dorahacks, commented on the recent investment round and said that the company and its partners would work together to help the growth frontier tech startups.

“DoraHacks strives to provide the best infrastructure for open-source communities worldwide. Our goal is to build an everlasting hacker community. With new strategic partners joining, we can better contribute to frontier tech’s startup community,” he said.

Adam Jin, Partner at FTX ventures, also spoke out, saying:

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

Dorahacks Partners Web3 Ecosystems

Dorahacks, which was established in 2014, offers hackathons and bounty as well as quadratic funding to developers from all over the world. Dorahacks helped more than 2,000 developers and startups raise over $21.5 million through grants and hackathon prizes since its inception.

The company also has partnerships with at least 20 Web3 ecosystems including Solana and Polygon to host hackathons as well as community grant programs.

Binance Labs invests in Dorahacks

Last year, Dorahacks raised an $8 million strategic round under Binance Labs. Both companies have collaborated on research and funding early-stage web3 startups.

The company raised $8 million and secured $20 million more through Dora Factory, its DAO-as-a-Service incubator.

The just-concluded Series B1 funding round brings the amount invested in Dora’s core infrastructures over the last 18 months to nearly $50 million.

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