Binance Labs Invests $8M in Hackathon Organizer DoraHacks

As part of the funding, DoraHacks will co-host the latest round of Binance Labs’ startup incubator.

Nov 19, 2021 at 9:00 a.m. UTC
Updated Nov 19, 2021 at 9:00 a.m. UTC

DoraHacks, a global hackathon organizer and Web 3 developer community, has received $8 million in strategic funding from Binance Labs, the venture capital and incubator arm of the world’s largest crypto exchange by volume.

DoraHacks provides on-chain toolkits to help developers raise funds for their startups. DoraHacks community members have received over $12 million in grants and donations so far this year, according to the company.

“Since 2018, DoraHacks has partnered with Binance on 15 global hackathons and grant rounds. Through DoraHacks’ developer events and grant toolkits, Binance has distributed over $2 million in funding to more than 100 teams,” said DoraHacks founder Eric Zhang in a press release. “This new round of strategic investment will help us accelerate the innovation of developer incentive mechanisms, deliver more effective products to support hackathon organizers and Web 3 open-source applications and promote Dora Factory’s infrastructure and ecosystem development.”

DoraHacks partner Steve Ngok told CoinDesk the funding would also help recruit more senior management to improve efficiency and accelerate development.

As part of the funding, DoraHacks is co-organizing the recently launched third session of the Binance Labs Incubation Program, an eight-week session providing growth assistance for nine startups.

Prior participants in the incubation program include Polygon and Cere Network.

DoraHacks and Binance Labs will work together on funding and supporting more early-stage Web 3 startups. The companies will also conduct joint research and development on decentralized governance technologies and decentralized autonomous organization (DAO) infrastructure. DoraHacks will work with Binance Smart Chain (BSC) on BSC grants, hackathons and integration of Dora DAO infrastructure.

“Backing early-stage startups and developers has always been a strategy for Binance Labs. DoraHacks is one of the largest multi-chain developer communities with great Web 3 projects emerging,” Binance Labs Fund head Bill Chin said in the press release.

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Brandy covers crypto-related venture capital deals for CoinDesk.