DoraHacks, a Web3 hackathon organizer and developer incentive platform, announced Wednesday that it has raised $20 million in new funding led by FTX ventures and Liberty City Ventures to fund further workshops and grants for developers.
The Series B1 round was also joined by Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group. This round follows $8 million raised by the company in November in a strategic funding round.
DoraHacks acts as an organizer of hackathons for Web3 developers and the curator of grant programs for blockchain startups. Web3, also known as the decentralized web, is the ecosystem of peer-to-peer applications that run on blockchain infrastructure using cryptocurrencies to power their networks.
Hackathons are a fundamental part of developer culture where programmers and engineers come together to network and build software in order to solve problems and compete for prizes. The events also often come with workshops and lectures that help spread new ideas, creativity and other best practices through the community.
“DoraHacks strives to provide the best infrastructure for open-source communities worldwide,” said founder Eric Zhang. “Our mission is to create an everlasting hacker movement.”
To date, DoraHacks has helped more than 2,000 startups and developer teams collectively raise more than $25 million worth of grants via the platform. More than 40 Web3 ecosystems, including Solana, Polygon and Avalanche, are included in DoraHacks hackathons and community grant programs as well.
The company has been behind funding technology and research into decentralized governance infrastructures, which are fundamental to Web3 and decentralized organizations. These include decentralized grants for multichain communities, “quadratic voting” and the implementation of MACI, a type of zero-knowledge, collusion-resistant voting.
DoraHacks also acts as a Web3 and blockchain startup incubator and has invested in more than 20 projects since late 2020. These projects have included DAO-as-a-service Dora Factory, zero-knowledge infrastructure startup Zecrecy, massively online battle arena play-to-earn game “Thetan Arena” and Web3 tooling infrastructure ETHSign.
The company intends to use the new funding to push forward with the launch of new initiatives. These include Dora Grants DAO, a decentralized grant community that will allow the community to vote on which startups will receive funding, and Dora Infinite Fund, a venture focused on nonfungible tokens.