Kathryn Haun, a former general partner at venture capital firm Andreessen Horowitz, or a16z, today unveiled her new solo project, Haun Ventures.
And what an unveiling. Haun announced that the fund has raised $1.5 billion to invest in Web3 startups; $500 million is earmarked for early stage ventures while a full $1 billion is set aside for companies looking to speed up their growth. According to CNBC, it's the "largest debut venture fund ever raised by a solo female founding partner."
"We're committed to building a web3 ecosystem that future generations will admire," wrote Haun in a blog post announcing the raise.
Web3 is the broad category for the next generation of the internet, which proponents think will be undergirded by blockchain networks and facilitated by cryptocurrencies. The idea is that, whereas the first stage of the internet allowed people to access information and the second allowed them to interact with others, the third stage will decentralize the internet so that it is user-controlled.
That has the potential to disrupt the previous generation of disruptors. Imagine a decentralized Twitter, for instance, that is equal parts social media company and DAO, which is a non-hierarchical organization that spreads control among participants. In such a case, the user doesn't just have access to the platform but also has a say in shaping it—and can even profit from its success.
No surprise then that Haun thinks there's a need to build "a different kind of firm."
"To create a new internet that is an improvement over our current tech paradigm is a hugely ambitious project," she wrote. "It not only requires brilliant technologists to build but also experienced operators who can responsibly shape public opinion, policy, and the broader systems that power our society so that web3 can fulfill its potential."
Introducing @HaunVentures, a firm built for the next generation of the internet. We’ve raised $1.5 billion across two funds to invest in web3. An exciting first step, but the real work begins now. https://t.co/tBeE4OEJkD
— Kathryn Haun (@katie_haun) March 22, 2022
Haun knows Web3 well from her time at a16z, during which she joined the board of crypto exchange Coinbase as well as NFT marketplace OpenSea. And the VC firm has invested in just about everything, including Alchemy, Compound, Maker, and Solana.
Beyond Haun's own involvement, her eponymous fund will keep a share of a16z's institutional knowledge: the firm, as well as founder Marc Andreessen and a16z Crypto head Chris Dixon all contributed funds to the raise.