Venture Capital Guru Planning $900,000,000 Fundraising Haul To Invest in Crypto: Report
Venture capital (VC) guru Katie Haun is reportedly raising $900 million for two cryptocurrency funds following her departure from Andreessen Horowitz.
Haun is forming the new venture capital firm KRH after splitting from Andreessen, where she served as a general partner for three years and co-led the VC firm’s $2.2 billion crypto fund.
The $900 million fundraising haul represents one of the largest debuts for a new venture capital firm.
The Financial Times cites three people with knowledge of the matter that Haun plans to raise $300 million for a fund designed to make early investments in cryptocurrency startups. The remaining $600 million will be allocated for a separate fund that seeks to invest in larger companies and digital tokens. Andreessen is also committing $50 million to the funds as an anchor investor, or the first entity to commit to a fund.
The announcement comes as investments for crypto startups surge. The value of venture investments in the industry surged 384% from $3.1 billion in 2020 to $15 billion through Q3 of 2021, according to intelligence firm CB Insights.
Although Haun is leaving Andreessen (a16z), she says she will continue to work with the venture capital firm.
“I’ll of course collaborate with them – they’re like family. As a board partner, I will continue to work on managing the existing a16z crypto portfolio and will keep my board seats.”