FTX, Liberty City Lead $20M Raise for Dev Platform DoraHacks

The hackathon startup will use the funds to launch an NFT-focused venture fund, among other things.

AccessTimeIconMay 18, 2022 at 1:00 p.m. UTC
Updated May 18, 2022 at 1:09 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Hackathon organizer DoraHacks has raised $20 million in a funding round led by FTX Ventures, the investment arm of crypto exchange FTX, and Liberty City Ventures.

Other participants in the round included Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group.

DoraHacks has curated hackathons for over 200 Web 3 startups and developer teams, including the Solana, Polygon and Avalanche ecosystems. The funding round’s backers said in a press release that having access to the front lines of blockchain development was an attractive opportunity.

The capital will be used to drive the launches of the Dora Grant DAO, a decentralized grant community, and Dora Infinite Fund, a venture fund focused on non-fungible tokens (NFTs).

DoraHacks previously raised $8 million last November in a strategic funding round led by Binance Labs.

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Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.