Hackathon organiser and web3 incentive platform DoraHacks has raised $20 million in a Series B1 round, led by FTX Ventures and Liberty City Ventures.

The funds will be used to accelerate the launch of the Dora Grant DAO, a decentralized grant community, and the Dora Infinite Fund, the company said in a release on Wednesday. The fund will officially launch via an NFT drop later in 2022.

Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group also joined the round.

The raise follows an $8 million strategic round last year, led by Binance Labs, bringing the total amount invested in Dora core infrastructures over the past 18 months to nearly $50 million.

Since late 2020, DoraHacks has invested in and incubated 20 projects, including DAO-as-a-service infrastructure Dora Factory, zero-knowledge infrastructure Zecrey, play-to-earn Thetan Arena, and web3 tooling infrastructure ETHSign. DoraHacks is also the co-host of the Binance Labs incubation program.

The raise is the latest in a number of plays made for web3 infrastructure in recent months. Earlier this week, Ikigai Asset Management, a Puerto Rico-based crypto asset management startup, said it had raised $30 million in venture funding for web3 projects.

Custody tech provider Fireblocks also launched a new web3 platform, with a suite of tools for developers to build DeFi, GameFi and NFT products and services.