Web3 venture firm Hack VC closed $150 million for its first venture fund, aptly called Venture Fund 1.

The closed funding brings the firm's total assets under management to $425 million, according to a company release. Hack VC said it intends to use the funds to finance early-stage startups developing infrastructure in security, capital-efficient decentralized finance and the intersection of web3 and artificial intelligence. 

"We deploy anywhere from a few hundred thousand dollars into solo founders or incubations to several millions of dollars into projects in which we have conviction," said Hack VC Co-Founders and Managing Partners Alex Pack and Ed Roman in a statement. "We also set aside capital to support our protocols on-chain."

Hack VC recently led or co-led funding rounds …