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Crypto financier Katie Haun raises $1.5 billion for Haun Ventures

Crypto financier Katie Haun has actually raised $1.5 billion for her brand-new fund after leaving Andreessen Horowitz, and shattered several records at the same time.

Haun Ventures’ kickoff marks the biggest launching endeavor fund ever raised by a solo female founding partner, according to Pitchbook. Former financial investment lender Mary Meeker held the previous record with a $1.3 billion fund after drawing out from Kleiner Perkins.

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

The term Web3, or Web 3.0, loosely describes basic computing applications developed on the blockchain — the exact same innovation underlying bitcoin and other cryptocurrencies. Examples consist of NFTs, which are traceable ownership certificates connected to digital files such as art pieces or videos, and decentralized financing applications, in which self-executing “smart” agreements can be utilized to change intermediaries like attorneys and lenders in particular kinds of deals. But in general, the area is still in a really early and speculative stage.

Katie Haun, Andreessen Horowitz General Partner

Source: CNBC

Haun’s fund will be divvied up into 2 sections: $500 million for early-stage business and procedures, and $1 billion for “acceleration,” or later-stage tasks.

Haun, a previous federal district attorney, ended up being Andreessen’s initially female basic partner in 2018 where she co-led its several cryptocurrency funds together with Chris Dixon. Andreessen Horowitz will be a restricted partner in Haun’s most recent fund, while Marc Andreessen, the company’s creator, and Dixon all personally added to her brand-new venture.

Her exit captured lots of in Silicon Valley off guard. While it was a “dream job,” Haun stated the departure had to do with taking more of a danger, 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 stated. “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 group consists of Chris Lehane, a previous Airbnb executive and Clinton administration authorities, Tomicah Tillemann, a previous staffer for President Joe Biden, and Rachael Horwitz, who led interactions groups at Twitter, Google, Facebook and Coinbase. Multiple staff members left Andreessen Horowitz with Haun for the brand-new fund. She stated the smaller sized group permits the company to be more “nimble,” and function as “venture contributors” in addition to investor.

“Gone are the days where founders just want capital,” she stated. “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 bearishness for bitcoin. The world’s biggest cryptocurrency is down approximately 40% from its peak in November, with smaller sized cryptocurrencies like ether seeing much deeper losses. Haun, who has actually invested through previous recessions or “crypto winters”, stated there’s still a lot of designer activity and advantage.

“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 stated, highlighting Solana and NFT exchange 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 exchange Coinbase, which Haun is on the board of, has actually seen approximately 58% from drop its high in 2015. Still, Haun stated personal start-up evaluations aren’t being impacted, yet.

“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 stated.

While cryptocurrencies might be having a hard time to restore momentum, dollars streaming into personal business is at all-time highs. Blockchain start-ups generated a record $25 billion in equity capital dollars in 2015, according to current information from CB Insights. That figure is up eightfold from a year previously.

That flood of endeavor dollars has actually triggered some debate on Twitter.

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey ⁠— 2 of the world’s best-known tech billionaires ⁠— have actually been amongst those questioning “Web3.” Dorsey argues VCs and their restricted partners are the ones who will eventually wind up 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 stated. “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.”

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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