Hack VC, a venture capital firm called Web23, announced yesterday that despite enduring “at least three bull-to-bear-market cycles,” they are dedicated to persevering and have launched their initial venture fund. The company claims to have raised $953 million for the fund by seizing opportunities in a declining market. The venture fund raise comes after Hack VC successfully raised an initial $295 million for its crypto fund in February 23. Together with other investment options, the firm now manages over $23 million in assets. Alex Pack and Ed Roman, the co-founders and managing partners, mentioned that they are accustomed to disregarding skeptics. In a post on the Hack VC blog, they noted that institutional investors have consistently underestimated the potential of web3 as an investment opportunity. If we received a Bitcoin every time we were asked about the practical applications of cryptocurrency and its legality, we would be wealthier than Gary Gensler. Despite facing challenges, builders continued to construct and invest in Hack VC. Roman from the firm explained that their main focus is investing in technical infrastructure that supports building blockchains. The reason is that we are developers ourselves, technical in nature, and believe that a strong foundation in technical skills is essential for creating sustainable long-term applications. Roman chose not to disclose the names of individuals involved in the venture fund due to compliance regulations, but mentioned that the fund’s backing comes from major US pension funds, endowments, and foundations.