South Korean crypto VC Hashed launches new $200 million fund

Hashed, a crypto venture capital firm based in South Korea, has launched a new $200 million fund.

The Hashed Venture Fund II will invest in Web3 startups, including those focused on metaverse, blockchain gaming, NFTs, and DeFi.

"We are radically optimistic about web3's potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined," said Hashed.

The firm's new fund comes exactly a year after it raised $120 million for its first fund. That fund has invested in numerous startups, including dYdX, Mythical Games, Republic, Chai and NFTBank.

The Fund I has been fully invested or committed via check sizes between $1 million and $10 million, Hashed CEO and managing partner Simon Seojoon Kim told The Block. The new fund has begun investing and is expected to be completely deployed within two years, he said.

The new fund will primarily focus on equity rounds of startups raising seed to Series B funding, said Kim, adding that token warrants are also allowed.

Crypto VCs as well as startups have been raising funds at a rapid pace. When asked why the sector is seeing high interest from investors, Kim said blockchain and crypto are the next generation of the internet where new innovative products and services are going to be built that can attract billions of users.

Kim expects that trend to continue in the near future.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.