NEAR Foundation Backs Hydra Ventures to Create Web3’s First ‘Fund of Funds’ Investment DAO

NEAR Foundation is excited to announce that it has joined Hydra Ventures, a “fund of funds” investment DAO. A first in the Web3 space, Hydra Ventures is designed to help other investment DAOs get off the ground. 

By partnering with NEAR Foundation, Hydra Ventures will open the doors to the eventual launch of the first investment DAO in the Near ecosystem. 

“The combined expertise of the leaders that have created this fund offers a winning formula that will help provide critical funding to purpose-driven, socially impactful web3 startups,” said Marieke Flament, CEO of NEAR Foundation. “We are delighted to be playing a part in launching this DAO and look forward to seeing the role it will play in developing our ecosystem.”

Decentralizing Web3 investment with DAOs

To power the “fund of funds” investment DAO, Hydra Ventures has raised $10M in capital from NEAR Foundation, MetaCartel Ventures, ConsenSys, 1kx Ventures, Collab + Currency, Nonagon Ventures, CMT Digital, among others. Hydra Ventures aims to take a hands-on approach to support investment DAOs, from community coordination and investment practices to organizational design, incentive design, and back office/operations.

“While the first legally wrapped investment DAOs showed us what was possible, many of them have had major operating flaws which have been exposed over the years,” said Peter Pan, co-summoner of MetaCartel and Partner at 1kx Ventures. “Hydra looks to address many of these problems and ultimately emerge with a fundamentally better model for how investment DAOs should be operated. We are thrilled to have NEAR Foundation’s support in this venture.”

Hydra Ventures is incubated by Thing3 and MetaCartel Ventures (the first and one of the most successful investment DAOs created), and backed by leading founders and thinkers in Web3. MetaCartel has incubated and made investments in several category-leading projects like Sky Mavis, Axie Infinity, Arweave, Open Zeppelin, DAOhaus, Zapper Finance, and Rarible, and were also one of the first investors in Mintbase, an NFT marketplace built on Near. MetaCartel members include Ameen Soleimani (founder, Moloch DAO), Stani Kulechov (founder, AAVE), Roneil Rumburg (founder, Audius), Bobby Ong (founder, Coingecko), RAC (Grammy award winner), Peter Pan (Partner, 1kx Ventures), amongst others.