Haun Ventures Targets $1 Billion for New Crypto Funds, Expects Oversubscription
Haun Ventures, a venture capital firm led by former federal prosecutor Katie Haun, is aiming to raise $1 billion to invest in the cryptocurrency sector. The funds, expected to close by June 2025, will be split equally between early-stage and late-stage investments, with $500 million allocated to each. The goal of $1 billion is lower than the $1.5 billion Haun Ventures raised in 2022, which was deployed during the crypto market downturn, largely after the collapse of FTX. However, the firm anticipates the new round will be oversubscribed, despite the smaller target.
Haun Ventures, founded by Haun in 2022, is positioned to benefit from changing market conditions compared to the 2022 funding round. The firm was part of a wave of large venture capital investments in the crypto space, with major firms like Andreessen Horowitz backing its formation. Haun, who has a background as a Coinbase board member and a general partner at Andreessen Horowitz, launched Haun Ventures to make significant investments in blockchain startups.
The firm's focus on the crypto sector has led to some notable investments, including in Bitwise's $70 million funding round, alongside investors such as Electric Capital and MassMutual. Haun Ventures' strategy remains to target both early-stage and more established blockchain projects. While the precise focus of the upcoming funds has not been publicly detailed, industry experts have suggested that stablecoins could continue to be a key area of interest in 2025, with stablecoin use having grown as a strong case for crypto in 2024.
Haun Ventures' first fund, raised in 2022, was deployed cautiously following the collapse of FTX and the overall downturn in the cryptocurrency market. Despite these challenges, the firm's capital was mostly kept in reserve until 2023, with about 60% of the funds unspent by the middle of the year. Some of Haun Ventures' key investments include NFT platform Zora and stablecoin protocol Bridge, which was recently acquired by Stripe for $1.1 billion.
Other venture capital firms, such as Paradigm and Pantera Capital, are also aiming to raise substantial funds in 2024. Paradigm closed an $850 million investment fund in June 2024, while Pantera Capital is looking to raise over $1 billion for a new blockchain-focused fund. Industry analysts predict that while crypto VC investment in 2025 may surpass 2024's funding levels, it will not reach the peak levels seen in the 2021 bull market when $33.8 billion was raised.
Despite the shifting landscape, Haun Ventures is optimistic about the future of the crypto market. The upcoming fundraising round is expected to be one of the largest in recent years, signaling strong confidence in the sector's long-term growth.
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