Haun Ventures, a venture capital firm led by former federal prosecutor Katie Haun, is targeting $1 billion in new funds to invest in the cryptocurrency sector. The firm plans to close this new round of fundraising by June 2025. The funds will be equally split between early-stage and late-stage investments, with $500 million allocated to each. Although this target is lower than the $1.5 billion Haun Ventures raised in 2022, the firm expects strong demand and an oversubscription despite the smaller goal.
A New Round of Funding with Optimism
Founded in 2022 by Katie Haun, Haun Ventures is well-positioned to benefit from the changing market conditions. The firm was part of a larger wave of venture capital investments into the crypto space, with support from major firms such as Andreessen Horowitz. Haun, who has experience as a board member at Coinbase and a general partner at Andreessen Horowitz, started Haun Ventures with the intention of making significant investments in blockchain startups.
The firm has already made notable investments, including Bitwise’s $70 million funding round, alongside investors like Electric Capital and MassMutual. Haun Ventures continues to target both early-stage startups and established blockchain projects. While the specifics of its upcoming funds have not been fully revealed, industry experts believe stablecoins will remain a key area of focus in 2025, especially as stablecoin use has grown significantly in 2024.
A Cautious Approach to Previous Investments
Haun Ventures’ first fund, raised in 2022, was deployed cautiously due to the crypto market’s downturn, largely following the collapse of FTX. Despite this, the firm held back much of its capital until 2023, with about 60% of the funds still unspent by mid-year. Some of Haun Ventures’ key investments include the NFT platform Zora and the stablecoin protocol Bridge, which was recently acquired by Stripe for $1.1 billion.
A Competitive Landscape for Crypto VC Investment
Other venture capital firms, including Paradigm and Pantera Capital, are also aiming to raise large sums in 2024. Paradigm closed an $850 million investment fund in June 2024, while Pantera Capital is seeking over $1 billion for a new blockchain-focused fund. Despite these efforts, analysts predict that while crypto VC investment in 2025 may surpass the 2024 funding levels, it will still fall short of the record-breaking $33.8 billion raised during the 2021 bull market.
Confidence in the Crypto Sector’s Long-Term Growth
Despite the shifting landscape, Haun Ventures remains confident in the future of the crypto market. The upcoming fundraising round is expected to be one of the largest in recent years, demonstrating strong faith in the sector’s long-term potential.
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