Cardano ($ADA): Why the Venture Arm of EMURGO Is Investing in DoraHacks
On Monday (August 29), EMURGO Ventures, which is the venture arm of EMURGO, announced that it had invested in DoraHacks.
EMURGO, which was founded in 2017, is “a global blockchain technology company providing solutions for developers, startups, enterprises, and governments”; and it “develops enterprise-grade applications, builds developer tools, invests in startups, and provides blockchain education.” The company has “offices and manages projects in Singapore, Japan, the USA, India, and Indonesia.”
EMURGO Ventures is “a venture capital initiative to promote and finance Cardano blockchain startups and middleware development.” EMURGO Ventures is “a wholly owned investment subsidiary of parent company EMURGO Ptd. Ltd. (“EMURGO”) and invests in a variety of startups and middleware solutions companies to drive Cardano’s Web3 adoption.”
According to EMURGO’s press release, DoraHacks is “a global leading Web3 hackathon organizer and the world’s most active multi-chain Web3 developer community with over 300,000 multi-chain developers and experts.”
This investment will “support EMURGO and DoraHacks to host global hackathons exclusively for Cardano’s ecosystem and identify co-investment opportunities into high potential Web3 dApps displaying synergy with Cardano’s blockchain via DoraFactory, DoraHacks’ DAO-as-a-Service infrastructure which allows open-source projects to create decentralized autonomous organizations for their communities to govern and finance the projects.”
Kaimin Hu, Venture Partner at EMURGO Ventures, had this to say:
“EMURGO 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’s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to Cardano’s decentralized funding programs for Cardano devs, and ultimately accelerate Cardano’s Web3 in the years to come.“
And Steve Ngok, Partner at DoraHacks, stated:
“DoraHacks 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.“
In a press release issued on 27 September 2021, EMURGO, announced the launch of a $100 million fund that would “invest into early startup and growth stage companies focused on building socially impactful solutions powered by Cardano.” It went on to add that this new Cardano investment vehicle would be “composed of two separate entities, EMURGO Africa, and EMURGO Ventures, each with a distinct investment thesis.”
EMURGO Ventures made its first seed investment into Milkomeda, which is “a dcSpark sidechain project bridging Cardano and other Layer 1 blockchain protocols that will utilize wrapped ADA (wADA) as an asset.”
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