Hashed, one of Korea's largest blockchain-focused venture capital firms, has announced the launch of its second dedicated fund — Hashed Venture Fund II — with a total commitment of $200 million. The fund is designed to invest in Web 3.0 startups, particularly those operating in the metaverse, open finance (DeFi), and Web 3.0 infrastructure sectors. While Hashed did not disclose the limited partners behind the fund, it made clear that the capital will be used to scale its global operations, with a focus on both Asian and North American markets.
Fund Size and Strategic Positioning
Hashed Venture Fund II is the largest fund the firm has raised to date. It comes less than a year after the firm closed its first fund at $120 million. The launch signals Hashed's strong conviction in the long-term potential of the Web 3.0 ecosystem and its desire to accelerate the mass adoption of decentralized technologies through strategic capital deployment. Baek Kim, a partner at Hashed, stated in the announcement: “We are carefully scaling our impact in key markets. In addition to our Seoul and San Francisco offices, we are expanding our Singapore office.” This move aligns with the broader trend of Web 3.0 capital flowing toward the Asia-Pacific region.
Investment Focus: Metaverse, Open Finance, and Infrastructure
According to Hashed's official disclosure, the new fund will allocate capital across three core verticals: Metaverse, Open Finance, and Web 3.0 Infrastructure. In the metaverse realm, Hashed has previously invested in prominent projects such as The Sandbox and Axie Infinity, accumulating deep experience in blockchain gaming and virtual worlds. The firm emphasizes it will focus on “solving problems that improve end-user experiences, designing more engaging metaverse games, and making web3 services safer for mass adoption.” In open finance, Hashed will continue to support decentralized exchanges, lending protocols, and yield aggregators. On the infrastructure side, the fund will target cross-chain bridges, identity protocols, oracles, and other foundational technologies that enable the broader Web 3.0 stack.
Team Promotion and Global Expansion
Alongside the fund launch, Hashed restructured its leadership, promoting early team members Sean Hong and Baek Kim to General Partners. Both individuals have played pivotal roles in Hashed's early-stage investments and ecosystem building. Additionally, Hashed is developing several play-to-earn games through its sibling gaming company UNOPND, creating a dual-engine model of “invest plus build.” This approach allows the firm to not only fund external projects but also incubate in-house products that drive the play-to-earn trend.
Industry Context and Competitive Landscape
The announcement comes at a time when global venture capital interest in Web 3.0 is at an all-time high. Hashed's $200 million fund joins a wave of large crypto-focused funds from firms like a16z, Pantera Capital, and Paradigm. As Korea remains a key market for blockchain gaming and DeFi adoption, Hashed's expansion will further cement its position as a leading Web 3.0 investor in Asia. Notably, Hashed chose not to disclose its LP list, a common practice among crypto venture firms that wish to maintain privacy for their backers.
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