Web3 Hackathon Incubator DoraHacks Nabs $20M From FTX, Liberty City

The fresh injection of capital will go to further the platform’s offerings, including a developer fund and a DAO for Web3 community grants

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • FTX Ventures and Liberty City Ventures led the round, banking on DoraHacks’ capacity to facilitate funding in Web3 startups
  • Total funding to date for Dora has reached almost $50 million since its inception in late 2020

Crypto Web3 developer incentive platform DoraHacks has raised tens of millions of dollars in fresh funding from some of the industry’s largest investment arms.

According to a press release on Wednesday, the platform has picked up $20 million in a Series B1 funding round aiming to accelerate its offerings, including its decentralized autonomous organization, Dora Grant DAO, which launched earlier this year.

The investment, led by FTX Ventures and Liberty City Ventures, will also go toward Dora’s Infinite Fund which aims to pour money into “disruptive ideas” in fintech. The fund is slated for sometime later in the year via a non-fungible token (NFT) drop, Dora said.

Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group also participated in the round.

The funding follows on the heels of an $8 million strategic round led by Binance Labs last year. The platform also picked up a further $20 million raise for its DAO-as-a-service incubator. Total funding to date for the budding ecosystem has reached nearly $50 million, per the release.

DoraHacks’ platform supports and curates Web3 startups via hackathons – an event for programmers, designers and others to collaborate on projects. The platform said it has raised $25 million worth of grants for more than 2000 startups since its inception, per the release.

More than 40 Web3 ecosystems including the likes of Solana, Polygon and Avalanche have adopted DoraHacks as a “core partner” in hackathons and community grant programs, providing access to the global developer community, Dora said.

“DoraHacks is key to advancing the development of the infrastructure for Web3,” Liberty City Ventures partner Emil Woods said. “We expect increased engagement with our portfolio companies as the ecosystem grows.”


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your day with top crypto insights from David Canellis and Katherine Ross.
  • Forward Guidance: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.
  • 0xResearch: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.
  • Lightspeed: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.
  • The Drop: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.
Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

monad ecosystem report graphic.png

Research

Monad's testnet launch has shown promise with 57 geographically distributed validators and over 20 live applications on day one. However, the ecosystem's true test will come with mainnet as it transitions from testing to real economic activity alongside the launch of the native gas token.

article-image

A national strategic reserve of XRP, SOL, ADA, ETH and BTC only makes sense as political theater

article-image

Altcoin season may still be a ways off, and that could be the new norm as we adjust to potential “microcycles”

article-image

PayPal’s Jose Fernandez da Ponte explained why he’s not only focused on stablecoin market caps when growing PYUSD

article-image

Base’s new FlashBlocks feature sparks a debate about scaling metrics

article-image

CME’s planned product stands to give sophisticated investors a better way to manage volatility in a growing market

article-image

Latest PCE data inched down just slightly in January, but we remain a ways off from the Fed’s 2% target