Katie Haun, who co-led Andreessen Horowitz’s crypto arm earlier than asserting her departure this previous December, is able to take the wraps off her new group, which she’s calling Haun Ventures. The enterprise capital agency is dedicated to backing crypto startups and is launching with $1.5 billion in capital throughout two funds — a $500 million early-stage fund and a $1 billion “acceleration” fund.
The agency’s launch is without doubt one of the extra hyped debut funds in latest reminiscence. Haun was one among Andreessen Horowitz’s most high-profile defectors in years, having served as the general public face for its crypto efforts at a time when the agency’s founders had been more and more stepping again from the general public mild.
“We consider the following technology of the web deserves a brand new technology of traders,” Haun wrote in a weblog submit asserting the fund.
The success of Haun Ventures could rely closely on timing. The crypto bull run is already a pair years deep and most of the extra energetic components of the market seem like deep into correction territory in the intervening time. Cryptocurrency costs are down, as are NFT gross sales and complete worth locked in DeFi protocols. In the meantime, loads of unicorn crypto startups have already crammed their battle chests to climate any market downturns.
These macro components haven’t appeared to halt the tempo of crypto offers getting achieved, nevertheless, and Haun Ventures has already participated in a handful of them together with Aptos, Autograph and OpenSea’s Collection C. The $1.5 billion in capital places Haun Ventures within the firm of different crypto native funds like Paradigm and Electrical Capital, which have debuted giant funds in latest months.
All of that new cash is unfold throughout only a handful of staff. The Haun Ventures group has simply 9 group members however has “plans to broaden rapidly.” A number of of the group members are coming straight from a16z together with advertising and marketing chief Rachael Horwitz, international coverage head Tomicah Tillemann and comms lead Nicholas Pacilio. Sam Rosenblum is becoming a member of from Polychain Capital and Chris Lehane is coming aboard as chief technique officer after a prolonged stint as Airbnb’s coverage chief.
It definitely seems that Haun Ventures will intention to lean into regulatory experience as one of many agency’s defining benefits, which isn’t totally stunning given Haun’s background as a federal prosecutor with the DOJ. This framing will, nevertheless, immediately put it up towards Andreessen Horowitz, which has gone to nice lengths to construct up its personal crypto coverage arm. For now, the companies are clearly aiming to play good, having already co-invested in numerous offers whereas a16z is a big investor in Haun Ventures as are a handful of the agency’s high companions.