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On Monday (August 29), EMURGO Ventures, which is the venture arm of EMURGO, announced that it had invested in DoraHacks.<\/p>\n
EMURGO<\/a>, which was founded in 2017, is \u201ca global blockchain technology company providing solutions for developers, startups, enterprises, and governments\u201d; and it \u201cdevelops enterprise-grade applications, builds developer tools, invests in startups, and provides blockchain education.\u201d The company has \u201coffices and manages projects in Singapore, Japan, the USA, India, and Indonesia.\u201d <\/p>\n EMURGO Ventures<\/a> is \u201ca venture capital initiative to promote and finance Cardano blockchain startups and middleware development.\u201d EMURGO Ventures is \u201ca wholly owned investment subsidiary of parent company EMURGO Ptd. Ltd. (\u201cEMURGO\u201d) and invests in a variety of startups and middleware solutions companies to drive Cardano\u2019s Web3 adoption.\u201d<\/p>\n According to EMURGO\u2019s press release<\/a>, DoraHacks<\/a> is \u201ca global leading Web3 hackathon organizer and the world\u2019s most active multi-chain Web3 developer community with over 300,000 multi-chain developers and experts.\u201d <\/p>\n This investment will \u201csupport EMURGO and DoraHacks to host global hackathons exclusively for Cardano\u2019s ecosystem and identify co-investment opportunities into high potential Web3 dApps displaying synergy with Cardano\u2019s blockchain via DoraFactory, DoraHacks\u2019 DAO-as-a-Service infrastructure which allows open-source projects to create decentralized autonomous organizations for their communities to govern and finance the projects.\u201d<\/p>\n Kaimin Hu, Venture Partner at EMURGO Ventures, had this to say:<\/p>\n –><\/p>\n –><\/p>\n \u201cEMURGO Ventures is thrilled to invest and partner with DoraHacks, a frontier tech leader in building and fostering a global Web3 developer community. We expect this investment to drive and scale Cardano\u2019s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to Cardano\u2019s decentralized funding programs for Cardano devs, and ultimately accelerate Cardano\u2019s Web3 in the years to come.<\/em>\u201c<\/p>\n And Steve Ngok, Partner at DoraHacks, stated:<\/p>\n \u201cDoraHacks is pleased to team up with EMURGO Ventures to bring innovation to the Cardano ecosystem. This long-term partnership entails both parties to join forces on future hackathons, community grant programs, bounties, and curation of brilliant teams that will play crucial roles in the Cardano universe.<\/em>\u201c<\/p>\n In a\u00a0press release<\/a>\u00a0issued on 27 September 2021, EMURGO, announced the launch of a $100 million fund that would \u201cinvest into early startup and growth stage companies focused on building socially impactful solutions powered by Cardano.\u201d It went on to add that this new Cardano investment vehicle would be \u201ccomposed of two separate entities, EMURGO Africa, and EMURGO Ventures, each with a distinct investment thesis.\u201d<\/p>\n EMURGO Ventures made its first seed investment into Milkomeda, which is \u201ca dcSpark sidechain project bridging Cardano and other Layer 1 blockchain protocols that will utilize wrapped ADA (wADA) as an asset.\u201d<\/p>\n Featured Image via\u00a0Unsplash<\/a><\/em><\/p>\n<\/p><\/div>\n
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