DoraHacks Bags $20M From FTX Ventures, Gemini, CryptoCom Capital to Accelerate Web3 Development

DoraHacks, a global hacker movement and Web 3.0 developer community, has raised $20 million in a Series B1 funding round to help accelerate the growth of its Web 3.0 platform.

DoraHacks Raises $20M

The round was led by FTX Ventures and Liberty City Ventures, with participation from Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital, and Amber Group.

According to a press release shared with CryptoPotato, the company plans to use the fresh capital to scale and accelerate the development of multiple initiatives, including a decentralized grant community and a venture fund.

Commenting on the latest investment round, Dorahacks founder Eric Zhang said the company and its new partners will work together to better contribute to the growth of frontier tech startups.

“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,” he said.

Adam Jin, Partner at FTX Ventures, also commented, 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

Founded in 2014, Dorahacks offers hackathons, bounty, quadratic funding, and other community fundraising tools to project developers worldwide. Since its launch, Dorahacks has helped over 2,000 startups and developers to raise more than $21.5 million via grants and hackathon prizes.

Additionally, the company has partnered with at least 20 mainstream Web3 ecosystems, including Solana, Polygon, BNB Chain, and Avalanche, to host hackathons and community grant programs.

Binance Labs Invests in Dorahacks

Late last year, Dorahacks raised $8 million in a strategic round led by Binance Labs. Since then, both companies have been conducting joint research on decentralized governance technologies and infrastructure while funding and supporting early-stage web3 startups.

Shortly after the $8 million fundraiser, the company secured an additional $20 million through its DAO-as-a-Service incubation, Dora Factory.

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.