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Crypto investor Katie Haun raises $1.5 billion for Haun Ventures


After leaving Andreessen Horowitz and raising $1.5 billion, Katie Haun, a crypto investor has broken multiple records.

Pitchbook reports that Haun Ventures has launched the largest venture fund by female founding partners. Mary Meeker, an ex-investment banker and former partner at Kleiner Perkins held the previous record for a $1.3billion fund.

“It’s a lot of pressure. However, I feel that it motivates everyone on our team,” Haun stated to CNBC in her first broadcast interview since departing Andreessen Horowitz. Web3 is the future of internet and deserves new investors.

The term Web3, or Web 3.0, loosely refers to general computing applications built on the blockchain — the same technology underlying bitcoin and other cryptocurrencies. NFTs are digital ownership certificates that can be traced and attached to files like art and videos. Decentralized finance apps, where self-executing smart contracts can replace bankers and lawyers in some types of transactions, include NFTs. However, overall the area is still very experimental and in its early stages.

Katie Haun, Andreessen Horowitz General Partner


Haun will split his fund into two parts: $500m for protocol and early-stage companies, and $1billion for acceleration or projects in later stages.

Haun is a former federal prosecutor and was made Andreessen’s first woman general partner in 2018. She co-led the multiple crypto funds with Chris Dixon. Haun will have a limited partnership in Haun’s new fund. Dixon and Marc Andreessen Horowitz, who founded the firm, all contributed personally to this venture.

Silicon Valley was shocked at her departure. It was indeed a dream job. But Haun explained that her departure was all about taking more risks and getting out of her comfort zones.

It is clear that there is a friendship there. “We still have plans to continue working closely with Andreessen Hoowitz,” she stated. One of the best things about our fund is that we don’t need to be the lead on every deal. We can also play well alongside a lot more crypto investors. Founders don’t want one investor at their table even in early rounds.

The nine-member Haun Ventures team comprises Chris Lehane (an ex-executive at Airbnb and Clinton administration official), Tomicah Tillemann (an ex-staffer for President Joe Biden), and Rachael Horwitz who managed communications teams at Twitter and Google and Facebook. Haun was joined by several employees from Andreessen Horowitz. According to Haun, the small team allows them to be “nimbler” and to act as venture contributors in addition to being venture capitalists.

She stated, “Gone is the time when founders want capital.” Haun Ventures has one goal: to actively support the projects we invest in.

This launch occurs during a bearish market bitcoin. It is now down 40% from November’s peak. Smaller cryptocurrencies such as ether are experiencing deeper losses. Haun said that despite past downturns and “crypto winters”, there is still plenty of upside for developers.

When I look back at the time when my two first crypto funds were deployed, it was during an era of great volatility. There was a 70% drop in crypto prices and many projects were born then,” she stated, noting Solana as well as NFT exchange OpenSea. One of the lessons I have learned, as an investor, with a long-term perspective of the space is that great products will be created and great protocols will be developed, regardless of their price.

Coinbase crypto exchange, where Haun sits on its board, has experienced a drop of 58% since last year’s high. Haun stated that private valuations of start-ups have not been affected by the change.

There is a slight lag. Crypto projects are still valued at very high levels. It took time last year for this to happen with macro market corrections. “I believe the same could hold true here,” she stated.

Bitcoins may not be gaining momentum as quickly, but dollars are. flowingPrivate companies are at an all-time high. Blockchain startups brought in a record $25 billion in venture capital dollars last year, according to recent data from CB Insights. This is eight times more than a year ago.

Twitter is abuzz over the excessive flow of venture capital.

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey ⁠— two of the world’s best-known tech billionaires ⁠— have been among those questioning “Web3.” Dorsey argues that VCs and limited partners will end up with Web3 and that it “will not escape their incentives”. He tweeted calling Web3 a “centralized organization with a distinct label”

Haun explained that Web3 now has some critics. If I had to choose between Jack Dorsey’s critiques or some of the long-standing myths in the space, the first would be my choice. That debate I believe is healthy.