Craft Ventures

Craft Ventures
Company typePrivate
IndustryVenture capital
Founded2017; 8 years ago (2017)
FounderDavid O. Sacks, Bill Lee
HeadquartersSan Francisco
ProductsVenture capital
Total assets$850 million
Websitecraftventures.com Edit this on Wikidata

Craft Ventures is an American venture capital firm based in San Francisco which makes early stage venture investments. Craft was founded in 2017 by David O. Sacks and Bill Lee.[1]

Background

Craft was founded in 2017 by David O. Sacks, formerly of Yammer and PayPal[2] and Bill Lee,[3][4] formerly of Remarq and Big Fish Games. Jeff Fluhr,[5] founder and former CEO of StubHub, joined as a general partner in 2018 and Sky Dayton, founder of EarthLink and Boingo Wireless, joined as venture partner the same year.

Craft announced its first fund of $350 million in January 2018[6] and its second fund of $500M in October 2019.[7]

Funds

Craft Ventures I ($350 million) was raised in 2017.[8][9]

Craft Ventures II ($500 million) was raised in 2019.[10]

In August 2021, Craft announced the closing of Craft Ventures III ($612 million) and Craft Ventures Growth I ($510 million), focusing on SaaS businesses and marketplace businesses.[11][12]

In November 2023, Craft announced the closing of Craft Ventures IV ($712 million) and Craft Ventures Growth II ($608 million).[13]

Notable exits

Company Year of investment Investment type Exit[14]
CloudKitchens 2017 Series A (Co-Lead) Acquired by 10100 in 2019
Harbor 2017 Seed Acquired by Bitgo in February 2020
Lumina 2018 Seed (Lead) Acquired by Bitgo in April 2020

References

  1. ^ Primack, Dan (4 January 2018). "David Sacks teams with Bill Lee to raise $350 million VC fund". Axios. Retrieved 3 June 2018.
  2. ^ Chernova, Yuliya (29 October 2018). "David Sacks Looks to Raise Up to $500 Million for Second Craft Ventures Fund". The Wall Street Journal.
  3. ^ Primack, Dan (6 October 2017). "Ex-Zenefits CEO David Sacks raising VC fund". Axios. Retrieved 3 June 2018.
  4. ^ Jackson, Eric (6 February 2018). "Ex-PayPal executive David Sacks explains how his new company will change crypto trading". CNBC. Retrieved 3 June 2018.
  5. ^ "Jeff Fluhr". Bloomberg. Retrieved 1 November 2018.
  6. ^ Calacanis, Jason (20 July 2018). "David Sacks Craft Ventures $350m raise, big Bird bet, VR, crypto, Yammer, Zenefits, investing". This Week in Startups. Retrieved 24 August 2020.
  7. ^ Loizos, Connie (15 October 2019). "David Sacks's Craft Ventures just closed its second fund with $500 million". Techcrunch.com. Retrieved 24 August 2020.
  8. ^ "CRAFT VENTURES I, L.P. :: California (US) :: OpenCorporates". opencorporates.com. Retrieved 2021-10-30.
  9. ^ "Craft Ventures I | Palico". www.palico.com. Retrieved 2021-10-30.
  10. ^ "Craft Ventures II | Palico". www.palico.com. Retrieved 2021-10-30.
  11. ^ Fluhr, Jeff (2021-08-04). "Announcing Craft III: $1.1 Billion for SaaS and Marketplaces". Craft Ventures. Retrieved 2021-10-30.
  12. ^ "Craft Ventures Launches its $1.2 Billion Fund for SaaS and Marketplace Startups". Crowdfund Insider. 2021-08-14. Retrieved 2021-10-30.
  13. ^ FinSMEs (2023-11-14). "Craft Ventures Raises $1.32 Billion for Two Funds". FinSMEs. Retrieved 2024-06-05.
  14. ^ "Craft Ventures | Our Portfolio". www.craftventures.com. Retrieved 2021-06-11.

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