Despite facing a challenging investment landscape in 2023, blockchain-focused investment firm Hashed invested 36.8 billion won ($28. 4 million) throughout the year. The move signifies a potential ray of hope for blockchain startups navigating a complex economic environment.
In a year marked by economic uncertainties, Hashed made 29 investments across various sectors, fostering innovation in the blockchain space. Notably, investments were evenly distributed across blockchain infrastructure (21%), games (21%), finance (21%), and IP and content-related startups (14%). The remaining percentage was allocated to early-stage startups exploring the integration of blockchain infrastructure in areas such as O2O platforms, sharing economy ventures, and artificial intelligence.
The geographical breakdown of investments revealed a strategic global approach, with Korea leading at 38%, North America at 21%, Europe at 7%, and other Asian regions, including Singapore, at 34%. This international diversification reflects Hashed’s recognition of the global potential of blockchain technology.
Blockchain Achievements Amidst Challenges
Hashed’s investment strategy encompassed a mix of 20 new startups, primarily in their seed to Series A stages, and 9 follow-up investments in companies like Archway, Payhere, and Dfns. These ventures spanned diverse areas such as shared sequencing layer development, web 3.0 gaming, and decentralized digital asset custody solutions.
The company, currently managing a 120 billion won ($92.7 million) first fund and a 240 billion won ($185 million approx) second fund through Hashed Ventures, has a portfolio of 86 companies. Remarkably, 55% of the investments from the second fund were directed towards Korean companies.
Several companies within Hashed’s portfolio showcased notable achievements in 2023. Aptos, a layer 1 blockchain, achieved over 20,000 transactions per second (TPS) with 7.3 million active wallets. Story Protocol, backed by leading global investors, organized a successful hackathon and launched its alpha version. Dune, a prominent on-chain data analysis platform, solidified its position in the market.
Beyond investments, Hashed actively contributed to the Web 3.0 ecosystem with support activities, including meetups, hackathons, and conferences. CEO Kim Seo-jun highlighted the significance of these efforts, stating, “2023 unveiled ideas that could significantly develop blockchain infrastructure and application cases, setting the stage for substantial growth in 2024.”
As the institutional landscape evolves, with the approval of the Bitcoin ETF and the integration of Web 3.0 infrastructure, Hashed anticipates further growth in the blockchain sector, providing a beacon of optimism for startups in the space.
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