O’Melveny Represents DoraHacks in US$20 Million Equity Funding
May 24, 2022
FOR IMMEDIATE RELEASE
SILICON VALLEY—May 24, 2022—O’Melveny represented DoraHacks, the world’s most active multi-chain Web3 developer incentive platform, in its US$20 million equity funding round.
The transaction was announced on May 18.
FTX Ventures and Liberty City Ventures led the funding round, joined by Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group.
With approximately 250,000 active users worldwide, DoraHacks is renowned for curating many of the world’s brightest Web3 startups via hackathons and grant programs. More than 2,000 startups and developer teams have raised US$25 million worth of grants from the DoraHacks platform. In addition, over 40 major Web3 ecosystems are currently using Dora infrastructures to fund their open source communities.
The O’Melveny team advising DoraHacks was led by M&A partner Wenting Yu, partner and Fintech Group Chair William K. Pao, and associate Thasos Athens.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
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DoraHacks issued the following announcement:
DoraHacks Raises $20M Led by FTX Ventures and Liberty City Ventures To Scale Its Global Web3 Startup Platform
Singapore, May 18th, 2022 — DoraHacks, the global hacker movement and one of the most active Web3 developer incentive platforms, announced a $20 million Series B1 investment led by FTX Ventures and Liberty City Ventures. Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group joined the round.
According to the company, the funding will accelerate the launch of multiple cutting-edge initiatives, including Dora Grant DAO, a decentralized grant community powered by advanced governance technologies, and Dora Infinite Fund, a permanent venture funding disruptive ideas in frontier tech.
DoraHacks announced an $8 million strategic round last year, led by Binance Labs. Followed by the $20 million raise of Dora Factory, DoraHacks’ DAO-as-a-Service incubation, this additional funding brings the total amount invested in Dora core infrastructures over the past 18 months to nearly $50 million.
DoraHacks is most famous for curating many of the world’s brightest Web3 startups via hackathons and grant programs. Over 2000 startups and developer teams have raised $25 million worth of grants from the DoraHacks platform.
40+ Web3 ecosystems like Solana, Polygon, and Avalanche have adopted DoraHacks as a core partner in hackathons and community grant programs to access the global developer community.
DoraHacks has been driving critical research efforts in funding technology and decentralized governance infrastructures. After introducing quadratic voting and decentralized grants to multi-chain communities, DoraHacks has developed and implemented MACI (zero-knowledge, collusion-resistant voting) in ETHDenver 2022 and OpenSea hackathons.
“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.”
DoraHacks launched Dora Grant DAO earlier this year. Having raised $5 million from 30+ partners, the company plans to provide grants to more post-hackathon-pre-investment stage projects. In addition, the company plans to set an evergreen venture, the Dora Infinite Fund, in motion via an NFT drop in 2022.
“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.
Since late 2020, DoraHacks has invested in and incubated 20 projects, including DAO-as-a-Service Dora Factory, ZK infrastructure Zecrey, MOBA play-to-earn Thetan Arena, and Web3 tooling infrastructure ETHSign. DoraHacks is also the co-host of the Binance Labs incubation program.
“We’re excited to launch Dora Infinite Ventures. We will fund more frontier tech startups in Web3, quantum, and space. “So said Steve Ngok, Partner and Director of Business at DoraHacks.
About
DoraHacks is a global hacker movement and the world’s most active multi-chain Web3 developer incentive platform. More than 2000 projects from the DoraHacks community have received over $21.5 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.
Media contact: Steve Ngok, Partner at DoraHacks, steve@dorahacks.com