Technological innovation often stems from cobbling together code and seeing what it does, preferably in a controlled environment. Hackathons are the way to go in the decentralized internet vertical, as Web3 projects can benefit from such a setting. DoraHacks, the global hacker movement, and enabler of such hackathons, has secured another $20 million in funding to keep pushing the envelope.
DoraHacks Keeps Gaining Momentum
It is intriguing to see how an initiative like DoraHacks continues to fuel Web3 development and innovation. The hacker movement has helped several dozen projects succeed in attracting more developers and ideas. Moreover, the project helped over 2,000 startups and developer teams raise $25 million in grants from the platform, confirming the hackathon appeal sparks innovation.
Moreover, the DoraHacks team has established a strong reputation for curating bright Web3 startups. The team has worked together with Solana, Polygon, Avalanche, and dozens of other Web3 ecosystems. The team is a core partner in hackathons and community grant programs bringing the global developer community closer to these decentralization-oriented initiatives.
DoraHacks Founder Eric Zhang adds:
“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.”
The investments in and incubation of projects strengthen DoraHacks’ market position. Its collaboration with Dora Factory, Zecrey, MOBA play-to-earn title Thetan Arena, and Web3 tooling infrastructure ETHSign has been well-documented. Furthermore, the DoraHacks team co-hosts the Binance Labs incubation program, which has brought various top projects, protocols, and ideas to the broader Web3 industry.
More Funding Means More Disruption
It is worth keeping tabs on the funding rounds completed by DoraHacks. The team raised an initial $8 million in 2021 and added $20 million for its Dora Factory – a DAO-as-a-service project – this year. Moreover, the team now secured $20 million Series B1 funding from FTX Ventures, Liberty City Ventures, Gemini Frontier Fund, Crypto.com Capital, Amber Group, etc. Investors remain impressed with the work being done and want to help the team achieve future milestones.
FTX Ventures Partner Adam Jin adds:
“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.”
Those future milestones will primarily focus on critical research efforts to fund technology and decentralized governance infrastructure. Recent showcases of zero-knowledge and collusion-resistant voting were showcased at ETHDenver 2022 and OpenSea hackathons. Further developments are already underway, as this industry never sleeps.