Crypto investor Katie Haun raises $1.5 billion, the largest debut fund ever by a female VC

“ That ‘s something I ‘ve learned through being involved in deploying three other crypto funds : there ‘s distillery a short ton of potential in crypto and Web3 equity business models, but besides token business models, ” she said. “ I do n’t think that you can in truth be a crypto investor without holding tokens. ” Haun Ventures will invest in both start-up equity, and in some cases the cryptocurrencies issued by those start-ups, besides known as tokens. The term Web3, or Web 3.0, loosely refers to general calculate applications built on the blockchain — the lapp engineering underlying bitcoin and other cryptocurrencies. Examples include NFTs, which are traceable ownership certificates attached to digital files such as artwork pieces or videos, and decentralized finance applications, in which self-executing “ smart ” contracts can be used to replace middlemen like lawyers and bankers in certain types of transactions. But overall, the space is hush in a very early and experimental phase. “ It feels, honestly, like a lot of pressure. But I think that motivates everyone on the team, ” Haun told CNBC in her beginning broadcast interview since leaving Andreessen Horowitz. “ Web3 is the new earned run average of the internet, and it deserves a new era of investors. ”

Haun Ventures ‘ kickoff marks the largest debut venture fund ever raised by a solo female establish partner, according to Pitchbook. Former investment banker Mary Meeker held the prior phonograph record with a $ 1.3 billion fund after spinning out from Kleiner Perkins. Crypto investor Katie Haun has raised $ 1.5 billion for her new fund after leaving Andreessen Horowitz, and shattered a record in the action. Haun ‘s store will be divvied up into two segments : $ 500 million for early-stage companies and protocols, and $ 1 billion for “ acceleration, ” or later-stage projects. Haun, a former federal prosecutor, became Andreessen ‘s first female general partner in 2018 where she co-led its multiple cryptocurrency funds aboard Chris Dixon. Andreessen Horowitz will be a specify spouse in Haun ‘s newest fund, while Marc Andreessen, the firm ‘s laminitis, and Dixon all personally contributed to her newfangled enterprise. Her exit caught many in Silicon Valley off guard. While it was a “ ambition job, ” Haun said the deviation was about taking more of a risk, and “ stepping out of her comfort zone. ” “ obviously there ‘s a relationship there, and there are friendships there. We still intend to collaborate close with Andreessen Horowitz, ” she said. “ One of the unique things about our store size makes it then that we do n’t have to lead every conduct, we can play well with a bunch of other crypto investors — founders do n’t want a individual investor on their detonator table, even in the early rounds. ”

Haun Ventures ‘ nine-person team includes Chris Lehane, a former Airbnb executive and Clinton administration official, Tomicah Tillemann, a former staff member for President Joe Biden, and Rachael Horwitz, who led communications teams at Twitter, Google, Facebook and Coinbase. Multiple employees left Andreessen Horowitz with Haun for the new fund. She said the smaller team allows the tauten to be more “ agile, ” and act as “ venture contributors ” in addition to venture capitalists. “ function are the days where founders just want capital, ” she said. “ One of the things that Haun Ventures will do for our founders is in truth actively lend to the projects in which we invest. ” The plunge comes during a hold market for bitcoin. The world ‘s largest cryptocurrency is toss off approximately 40 % from its bill in November, with smaller cryptocurrencies like ether seeing cryptic losses. Haun, who has invested through past downturns or “ crypto winters ”, said there ‘s still enough of developer activity and top. “ When I think back to deploying the first two crypto funds, that was during a period of huge excitability — it was decidedly a crypto winter with prices down 70 % and projects were still born that during that cycle, ” she said, highlighting Solana and NFT central OpenSea. “ One of the things I ‘ve learned as an investor with a long terminus position of the distance, is that bang-up 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 seen roughly 58 % from dismiss its high last class. still, Haun said private start-up valuations are n’t being affected, even. “ There ‘s a bit of a imprison. We ‘re still seeing very high valuations in crypto projects. last time this happened, with macro marketplace corrections, it took a while for that to translate over into crypto. I think the same could be true here, ” she said. While cryptocurrencies may be struggling to regain momentum, dollars flowing into private companies is at all-time highs. Blockchain start-ups bring in a commemorate $ 25 billion in speculation capital dollars death year, according to late data from CB Insights. That figure is up octuple from a year earlier.

That flood of speculation dollars has sparked some controversy on Twitter. Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey ⁠— two of the earth ‘s best-known technical school billionaires ⁠— have been among those questioning “ Web3. ” Dorsey argues VCs and their limited partners are the ones who will ultimately end up owning Web3 and it “ will never escape their incentives, ” he tweeted, calling it a “ centralize entity with a different pronounce. ” “ I look at it as Web3 finally getting some of the critics it deserves in the space, ” Haun said. “ If I could have the option between Jack Dorsey offering some critiques versus some of the myths that we ‘ve heard perpetrated for so retentive in the quad, I would surely choose the former. so I think that debate is goodly. ”

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