Crypto investor Katie Haun raises $1.5 billion for Haun Ventures

Crypto investor Katie Haun raises $1.5 billion for Haun Ventures

Crypto investor Katie Haun has raised $1.5 billion for her new fund after leaving Andreessen Horowitz, and shattered a number of information within the course of.

Haun Ventures’ kickoff marks the biggest debut enterprise fund ever raised by a solo feminine founding companion, in accordance with Pitchbook. Former funding banker Mary Meeker held the prior report with a $1.3 billion fund after spinning out from Kleiner Perkins.

“It feels, honestly, like a lot of pressure. But I think that motivates everyone on the team,” Haun advised CNBC in her first broadcast interview since leaving Andreessen Horowitz. “Web3 is the new era of the internet, and it deserves a new era of investors.”

The time period Web3, or Internet 3.0, loosely refers to normal computing functions constructed on the blockchain — the identical know-how underlying bitcoin and different cryptocurrencies. Examples embrace NFTs, that are traceable possession certificates hooked up to digital recordsdata similar to artwork items or movies, and decentralized finance functions, by which self-executing “smart” contracts can be utilized to switch middlemen like legal professionals and bankers in sure forms of transactions. However general, the area continues to be in a really early and experimental section.

Haun’s fund will likely be divvied up into two segments: $500 million for early-stage corporations and protocols, and $1 billion for “acceleration,” or later-stage initiatives.

Haun, a former federal prosecutor, turned Andreessen’s first feminine normal companion in 2018 the place she co-led its a number of cryptocurrency funds alongside Chris Dixon. Andreessen Horowitz will likely be a restricted companion in Haun’s latest fund, whereas Marc Andreessen and Ben Horowitz, the agency’s founders, and Dixon all personally contributed to her new endeavor.

Her exit caught many in Silicon Valley off guard. Whereas it was a “dream job,” Haun mentioned the departure was about taking extra of a threat, and “stepping out of her comfort zone.”

“Obviously there’s a relationship there, and there are friendships there. We still intend to collaborate closely with Andreessen Horowitz,” she mentioned. “One of the unique things about our fund size makes it so that we don’t have to lead every deal, we can play well with a lot of other crypto investors — founders don’t want a single investor on their cap table, even in the early rounds.”

Haun Ventures’ nine-person workforce contains Chris Lehane, a former Airbnb government and Clinton administration official, Tomicah Tillemann, a former staffer for President Joe Biden, and Rachael Horwitz, who led communications groups at Twitter, Google, Fb and Coinbase. A number of workers left Andreessen Horowitz with Haun for the brand new fund. She mentioned the smaller workforce permits the agency to be extra “nimble,” and act as “venture contributors” along with enterprise capitalists.

“Gone are the days where founders just want capital,” she mentioned. “One of the things that Haun Ventures will do for our founders is really actively contribute to the projects in which we invest.”

The launch comes throughout a bear market for bitcoin. The world’s largest cryptocurrency is down roughly 40% from its peak in November, with smaller cryptocurrencies like ether seeing deeper losses. Haun, who has invested by means of previous downturns or “crypto winters”, mentioned there’s nonetheless loads of developer exercise and upside.

“When I think back to deploying the first two crypto funds, that was during a period of immense volatility — it was definitely a crypto winter with prices down 70% and projects were still born that during that cycle,” she mentioned, highlighting Solana and NFT alternate OpenSea. “One of the things I’ve learned as an investor with a long term view of the space, is that great products are going to be built and great protocols are going to be built, no matter what the prices are.”

Crypto alternate Coinbase, which Haun is on the board of, has seen roughly 58% from drop its excessive final yr. Nonetheless, Haun mentioned non-public start-up valuations aren’t being affected, but.

“There’s a bit of a lag. We’re still seeing very high valuations in crypto projects. Last time this happened, with macro market corrections, it took a while for that to translate over into crypto. I think the same could be true here,” she mentioned.

Whereas cryptocurrencies could also be struggling to regain momentum, {dollars} flowing into non-public corporations is at all-time highs. Blockchain start-ups introduced in a report $25 billion in enterprise capital {dollars} final yr, in accordance with latest knowledge from CB Insights. That determine is up eightfold from a yr earlier.

That flood of enterprise {dollars} has sparked some controversy on Twitter.

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey ⁠— two of the world’s best-known tech billionaires ⁠— have been amongst these questioning “Web3.” Dorsey argues VCs and their restricted companions are those who will in the end find yourself proudly owning Web3 and it “will never escape their incentives,” he tweeted, calling it a “centralized entity with a different label.”

“I look at it as Web3 finally getting some of the critics it deserves in the space,” Haun mentioned. “If I could have the choice between Jack Dorsey offering some critiques versus some of the myths that we’ve heard perpetrated for so long in the space, I would certainly choose the former. So I think that debate is healthy.”

Source link

5 money-saving tips from a TikTok lawyer who reads the fine print Previous post 5 money-saving tips from a TikTok lawyer who reads the fine print
Next post Carl Icahn says there ‘very well could be a recession or even worse’