Hydra Ventures, a decentralized investment fund, said it raised $10 million to invest in other investment-focused decentralized autonomous organizations.

Web3 investors such as 1kx, ConsenSys, Collab+Currency, Wicklow Capital and Seed Club were among the firms joining the funding round.

Hydra Ventures describes itself as a "fund of funds," aimed at pooling investment for other investment DAOs that are looking to raise capital on behalf of their communities. There are more than 40 such DAOs, according to data site DeepDAO.

A DAO is a blockchain-based organization governed by holders of its native crypto token who vote on matters related to the running of the organization.

"Hydra Ventures DAO operates on the thesis that the investment DAO space will continue to grow, and ecosystem participants are better positioned to assess investments than a typical investment fund that is centrally owned and run by a few select partners," the firm said.

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