KR1 PLC (AQSE:KR1) said it has invested a total of US$500,000 into decentralised autonomous organisation (DAO) Hydra Ventures, in return for 5,000 HYDRA crypto tokens.
Hydra Ventures is a newly launched investment DAO focusing on supporting and incubating investment DAOs across the web3 ecosystem. It has raised US$10mln to invest in 20 to 30 investment DAOs over the next three years and also aims to help incubate investment DAOs from day one.
Hydra Ventures intends to take a hands-on approach, supporting everything from community coordination to organizational design. The company is owned and operated by its members, who have extensive experience across the entire investment DAO landscape.
In a statement, George McDonaugh, managing director and co-founder of the Aquis-listed digital asset investment company commented: “We are excited to join Hydra Ventures, who are taking a unique approach to support investment DAOs and promoting the growth of the web3 ecosystem.
“As the DAO landscape continues to evolve and specialise, a ‘fund of funds’-style DAO becomes increasingly relevant. This is the right team at the right time to take this kind of project forward.”