Former Coinbase Board Member's VC Firm Targets $1 Billion in Crypto Funding
Venture capital firm Haun Ventures is looking to raise $1 billion for two new crypto-related investment funds within the next three months, according to Fortune Crypto's March 21 report. The firm plans to allocate the money evenly, with $500 million for early-stage crypto investments and $500 million for late-stage crypto investments, according to Fortune reporting.
Founded by former Coinbase board member and federal prosecutor Katie Haun in 2022, the company is targeting a lower amount than its previous fundraising round. In March 2022, shortly after launch, Haun secured $1.5 billion but has set more modest goals this time due to changing market conditions in the cryptocurrency space.
Despite the lower target, sources say Haun expects the two new funds will be "oversubscribed." The firm has built a strong team since its founding, bringing on former executives from major tech companies including:
- Airbnb
- Coinbase
- Google tech incubator Jigsaw
The latest fundraising round is set to close in June and could be one of the largest crypto funding efforts in the past two years. Other major players have sought similar amounts recently. Paradigm closed an $850 million investment fund in June 2024, while Pantera Capital pursued over $1 billion for a blockchain-focused fund in April.
Haun Ventures recently participated in crypto asset management firm Bitwise's $70 million funding round alongside Electric Capital, MassMutual, MIT Investment Management Company, and Highland Capital. The specific focus of Haun's upcoming crypto funds has not yet been publicly revealed.
This VC activity comes as more companies explore crypto investments. Atai Life Sciences, a NASDAQ-listed biopharmaceutical company developing psychedelic treatments for mental health, announced plans to purchase $5 million in Bitcoin as an inflation hedge. The biotech firm joins medical companies like Quantum BioPharma and Semler Scientific in adding cryptocurrency to their balance sheets.
Industry experts suggest stablecoins may continue to attract interest through 2025. Deng Chao, CEO of HashKey Capital, stated that stablecoins were the strongest proven use case for crypto in 2024, according to Cointelegraph.
Market analyst Infinity Hedge forecasts that crypto VC investment in 2025 will exceed 2024's $13.6 billion but will not reach the 2021 bull market peak of $33.8 billion.
