Andreessen Horowitz’s outgoing partner Katie Haun aims to raise at least $ 900 million for a pair of cryptocurrency hedge funds, in what would be one of the biggest debuts for a new venture capital firm.
Haun planned to raise $ 300 million for a fund that makes early investments in cryptocurrency startups and $ 600 million for another fund that invests in larger companies and digital tokens, said three people who reported on their plans. Andreessen had committed $ 50 million to the funds as an anchor investor, two of the people said.
Some people familiar with Haun’s new funds said he planned to set new and higher targets after receiving strong initial demand from wealthy investors. Haun planned to start targeting institutions next week, the people said.
The fundraising would add to a flood of money for funds making early bets on cryptocurrency startups, a growing area of focus for established venture capitalists and a new generation of risk-takers. even bigger than the headlines.
Paradigm, led by former Sequoia Capital partner Matt Huang and Coinbase co-founder Fred Ehrsam, raised $ 2.5 billion for a cryptocurrency hedge fund in November, doubling its original expectations. The announcement came five months after Andreessen introduced a $ 2.2 billion fund, co-led by Haun, which he called the “largest crypto fund ever raised.”
The debut of Haun’s new firm, which goes by the name “KRH,” would be one of the biggest for any new venture capital group. US-based startups raised $ 41.3 billion last year, according to data from PitchBook.
A former federal prosecutor with a focus on cryptocurrency crime, Haun joined Andreessen as the firm’s first female general partner in 2018 and helped raise its first fund dedicated to digital assets.
Along with Chris Dixon and other Andreessen partners, Haun has helped promote the concept of “web3” – internet applications organized by cryptocurrency tokens – which has created controversy among some software developers.
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A Haun spokesperson said Andreessen and KRH would “collaborate to support the founders and projects in the space and continue the web3 policy program they built this year.” Haun would help invest the remainder of Andreessen’s most recent fund of $ 2.2 billion, the spokesperson said.
Haun’s investments in Andreessen included OpenSea, a market for non-fungible tokens whose value has exploded rapidly with the rise of blockchain-based collectibles. Paradigm and investment firm Coatue Management led a $ 300 million investment that OpenSea valued at $ 13.3 billion this week, after investors valued the startup at $ 1.5 billion last July.
KRH also participated in the funding round, said a Haun spokesman, calling it “a special moment for the team.” The spokeswoman said she had no other details to share about the fund.
“When Chris and I started our first crypto fund in 2018, it was an incredible experiment. Thanks to the hard work of many, he has exceeded our wildest expectations, ”Haun said in a statement announcing his departure last month. “Today, it is more evident than ever that web3 will transform the Internet.”