Hashed, one of the largest blockchain-focused venture capital firms in South Korea, has officially closed its second fund — Hashed Venture Fund II — with $200 million in committed capital. The fund will target investments in the Web 3.0 ecosystem, specifically in the metaverse, decentralized finance (DeFi), and Web 3.0 infrastructure sectors. This move signals a significant expansion for the Korean VC in the global blockchain landscape.
Fund Overview and Global Ambitions
In its announcement, Hashed stated that the new fund will be used to incubate and support early-stage startups building in the Web 3.0 space, including play-to-earn gaming initiatives and DeFi platforms. Although the firm did not disclose the limited partners behind the fund, it noted that it is scaling its operations to achieve a more global reach. Partner Baek Kim said: “We are carefully scaling our impact in key markets. In addition to our Seoul and San Francisco offices, we are expanding our Singapore office.”
To support this expansion, Hashed promoted two of its earliest collaborators, Sean Hong and Baek Kim, to general partners. This is the second fund Hashed has raised in less than a year, following a $120 million fund announced earlier. The rapid succession of fundraising underscores the firm's growing conviction in the Web 3.0 thesis.
Key Investment Areas: Metaverse, Open Finance, and Web 3.0 Infrastructure
Hashed outlined three primary verticals for deployment: the metaverse, open finance, and Web 3.0 infrastructure. The firm has already made notable investments in metaverse-related projects, including The Sandbox and Axie Infinity, so the focus on gaming and virtual worlds is consistent. More intriguing is its emphasis on Web 3.0 infrastructure, aiming to build foundational layers for other protocols. According to the announcement: “We will focus on solving problems that improve end-user experiences, designing more engaging metaverse games, and making web3 services safer for mass adoption.”
Additionally, Hashed is developing its own play-to-earn experiences through UNOPND, a sibling gaming studio. This dual approach — investing externally while building internally — positions Hashed as an active ecosystem builder rather than a passive capital provider.
Industry Context and Significance
Hashed is a dominant force in the Korean blockchain space, with past investments in major projects such as Klaytn and Terra. The launch of the $200 million fund comes amid a global surge in interest in Web 3.0 and the metaverse. Despite market volatility, the successful fundraising signals sustained confidence from institutional capital in blockchain infrastructure and decentralized applications. With offices now in Seoul, San Francisco, and expanding in Singapore, Hashed is well-positioned to identify and support innovative Web 3.0 teams worldwide.