Departing Andreessen partner seeks to raise at least $900m for crypto funds


Departing Andreessen Horowitz partner Katie Horn aims to raise at least $ 900 million for a pair of crypto investment funds, one of the biggest debuts for a new venture capital firm.

Haun has planned to raise $ 300 million for a fund that invests early in cryptocurrency startups and $ 600 million for another fund that invests in large companies and digital tokens, the three said. I explained her plan. Andreessen has committed $ 50 million to the fund as an anchor investor, the two said.

Some people familiar with Haun’s new fund said she plans to set fresher and higher goals after receiving strong initial demand from wealthy investors. .. People said Mr Haun is planning to target the institution next week.

Financing hauling adds a flood of funds for funds to make early bets on cryptocurrency startups. This is of interest to established venture capitalists and new types of investors who are willing to take even greater risk than existing companies.

A paradigm led by former Sequoia Capital partner Matt Fan and Coinbase co-founder Fred Ehrsam. Raised $ 2.5 billion For the cryptocurrency venture fund in November, they doubled their initial expectations. It was announced five months after Andreessen debuted a $ 2.2 billion fund co-led by Haun. It is called “the largest crypto fund ever raised”.

The debut of Haun’s new company, dubbed “KRH”, will be one of the largest companies for the new venture capital group. A new US-based company raised $ 41.3 billion last year, according to PitchBook data.

Haun, a former federal prosecutor focused on cryptocurrency crime, joined Andreessen as the first female general partner in 2018 to help raise the first fund dedicated to digital assets.

Together with Chris Dickson and other Andriesen partners, Haun helped promote the concept of “web3” (an internet application organized by cryptocurrency tokens), causing controversy among some software developers.

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A Haun spokesman said Andreessen and KRH will work together to support the founders and projects in this area and continue with the web3 policy program created this year. Haun will help invest the rest of Andreessen’s latest $ 2.2 billion in funding, a spokesman said.

Haun’s investment in Andreessen included OpenSea, a non-fungible token marketplace whose value has skyrocketed with the boom in blockchain-based collectibles. Paradigm and investment firm Coatue Management led an investment of $ 300 million this week, valuing OpenSea as $ 13.3 billion, after investors valued startups at $ 1.5 billion last July.

KRH also participated in a round of funding, a Haun spokesman called it a “special moment for the team.” A spokeswoman said there were no other details that could be shared about the fund.

“When Chris and I launched our first crypto fund in 2018, it was a moonshot experiment. Thanks to the efforts of many, it exceeded both of our greatest expectations,” he said. Haun said in a statement announcing her departure last month. “Today, it’s more obvious that web3 is transforming the Internet.”

Departing Andreessen partner seeks to raise at least $900m for crypto funds Source link Departing Andreessen partner seeks to raise at least $900m for crypto funds

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