Hydra Ventures DAO, a decentralized autonomous organization (DAO), has raised $10 million to revolutionize the world of fund-of-funds investing in the crypto industry. The DAO is backed by prominent investors like 1kx, ConsenSys, and Seed Club.
The brainchild behind Hydra Ventures is Pet3rpan, a pseudonymous venture investor who is also a partner at venture firm 1kx. According to Pet3rpan, Hydra Ventures will support other investment DAOs and operate as "a fund of funds" with builders who are active ecosystem participants.
Pet3rpan was involved in creating one of the first investment DAOs - MetaCartel Ventures - which invested over $13 million into more than 70 projects. Initially considering the rapid deployment pace of investment DAOs as a drawback, he now sees it as an advantage for indexing exposure across specific ecosystems or market focuses.
Hydra Ventures aims to invest in 30 to 40 other investment DAOs and target up to 10% of each one's total investments. The core team includes members from Thing3, MetaCartel Ventures, and 1kx who bring valuable experience in navigating tax accounting and legal aspects related to operating a decentralized organization.
Stephen McKeon from Collab+Currency praised this pioneering model by saying that "the venture DAO space is nascent and constantly evolving—so, to us; Hydra is well-positioned."
Hydra ventures plans on deploying its funds over three years instead of perpetuity like MetaCartel Venures did. It will store its funds through diversified stablecoins.
Disclaimer: This article provides information only and should not be used or intended as legal advice or financial advice.