Craft Ventures, the enterprise agency launched in 2017 by serial entrepreneur David Sacks, has closed its second fund with $500 million in capital commitments, an quantity the agency was stated to start concentrating on roughly a year ago.
Craft’s debut fund had closed with $350 million.
The outfit — which Sacks runs with different serial entrepreneurs Invoice Lee (Remarq, Social Ideas), Jeff Fluhr (StubHub, Spreecast) and Sky Dayton (who has based and co-founded a lot of firms) — invests in sequence seed, A and B rounds, in a variety of firms that neatly match into every investor’s wheelhouse.
For his half, Sacks, who was the COO of PayPal earlier than founding the family tree web site Geni.com, then Yammer, is concentrated on each client and enterprise startups so long as they will go viral.
His signature guess at Craft is Bird, the e-scooter firm whose Sequence A spherical Craft led. (Fowl founder Travis VanderZanden introduced the corporate’s Sequence D spherical of $275 million at a $2.5 billion valuation throughout our current TechCrunch Disrupt event.)
Fluhr focuses on marketplaces and e-commerce startups, and the agency cites as one among his extra outstanding offers the Sequence A spherical of the nursing market Trusted Health. Lee is concentrated on breakthrough applied sciences and counts amongst his investments the esports firm Cloud9, an organization that went on to boost $50 million in Sequence B funding final 12 months (and might be resulting from announce one more spherical quickly).
In the meantime, Dayton — who could be very notably a co-founder with Travis Kalanick in CloudKitchens, the darkish kitchen firm that’s actually making an attempt to take over the world— focuses on so-called onerous tech, drawing on his expertise of launching the dial-up pioneer EarthLink, together with the Wi-Fi service supplier Boingo Wi-fi.
All 4 have spectacular portfolios as angel traders, together with bets on Affirm, Airbnb, Fb, Houzz and Slack, although naturally, they’ve additionally backed startups that haven’t proved winners. An funding within the HR payroll startup, Zenefits proved significantly making an attempt for Sacks, who acquired a large stake within the firm and — when its founding CEO, Parker Conrad, was ousted amid a regulatory scandal — stepped in to attempt to repair its errant methods. (He left after lower than a 12 months on the helm.)
It’s too quickly in the event that they’ll have as a lot success as a workforce, however some of Craft’s more moderen bets embrace Terminal, a San Francisco-based startup that helps firms to supply and handle distant engineers in worldwide areas; it raised $17 million in funding simply final month.
One other is Superplastic, a year-old, Burlington, Vt.-based maker of limited-edition artwork toys that’s making an attempt to show two of its characters into animated digital media stars. It raised $10 million in Sequence A funding led by Craft in the summertime.
On the agency’s outset, blockchain was a serious theme, although Craft seems to be fast-evolving into an outfit that invests much more broadly.
It might have been too early. At the very least, Harbor, a decentralized compliance protocol that goals to standardize the way in which crypto securities are issued, was a deal that Craft introduced across the identical time that it was itself launching publicly. However Harbor’s founders have since left the corporate to start out Internal, a startup that desires to assist firms higher handle their inside consoles to allow them to be sure that not everybody on employees has entry to delicate knowledge.
Inside closed on $5 million in seed funding led by Craft final month, a deal we wrote about here.