Hydra Ventures DAO Secured $10 Million To Become Fund Of Funds

Key Points:

• Hydra Ventures secured $10 million in funding to support investment DAOs.
• Hydra Ventures DAO is the creation of P3terpan, a partner at venture company 1kx and a pseudonymous venture investor.
• The organization plans to invest in 30 to 40 DAOs, with the aim of investing up to 10% in the investment DAO.

Hydra Ventures, a decentralized investment fund, announced a $10 million capital round to invest in other investment-focused decentralized autonomous organizations (DAO).

Web3 investors, including 1kx, ConsenSys, Collab+Currency, Wicklow Capital, and Seed Club, participated in the round.
Hydra Ventures identifies itself as a fund of funds, with the goal of pooling investment for other investing DAOs seeking to generate finance for their communities.

Hydra Ventures DAO is the creation of P3terpan, a partner at venture company 1kx and a pseudonymous venture investor. The decentralized organization has gathered $10 million in funding from investors in order to construct a DAO that will support other investment DAOs. According to the statistics portal DeepDAO, there are around 40 such DAOs.

P3terpan was a founding member of one of the earliest investment DAOs, MetaCartel Ventures, which has 75 members and has invested more than $13 million in over 70 projects, including Gitcoin and Gnosis Secure. He first saw investment DAOs’ rapid rollout as more of a flaw than a benefit. He now views it as a benefit.

Hydra Ventures plans to invest in 30 to 40 DAOs, with the aim of investing up to 10% in the investment DAO. It has already made one investment, which has yet to be publicized and expects to incubate a number of investment DAOs as part of the process, according to P3terpan.

P3terpan began raising funds for the DAO in June of last year and finished in January. Like MetaCartel Ventures, the money will be kept in a diverse collection of stablecoins with intentions to distribute them over three years rather than in perpetuity.

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