# Craft Ventures

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{{Short description|American venture capital firm}}
{{Infobox company
| name = Craft Ventures LLC
| logo = Craft Ventures Logo.png{{!}}class=skin-invert
| type = [Private](/source/Private_Company)
| foundation = {{Start date and age|2017}}
| founders = {{ubl |[David O. Sacks](/source/David_O._Sacks) | Bill Lee}}
| location = [San Francisco](/source/San_Francisco), US
| industry = [Venture capital](/source/Venture_capital)
| products = Venture capital
| assets = $850 million
| num_employees = 
}}

'''Craft Ventures LLC''' is an American [venture capital](/source/venture_capital) firm based in San Francisco which makes early stage venture investments. Craft was founded in 2017 by [David O. Sacks](/source/David_O._Sacks) and Bill Lee.<ref name="Axios 2018">{{cite news | last=Primack |first=Dan |title=David Sacks teams with Bill Lee to raise $350 million VC fund | website=Axios | date=4 January 2018| url=https://www.axios.com/david-sacks-teams-with-bill-lee-to-raise-350-million-vc-fund-1515111045-5efbe6bc-63bc-42b8-92fa-82d8b61216ed.html | accessdate=3 June 2018}}</ref>

==Background==
Craft was founded in 2017 by David O. Sacks, formerly of [Yammer](/source/Yammer) and [PayPal](/source/PayPal)<ref name="WSJ1018">{{cite web|author=Chernova, Yuliya|url=https://www.wsj.com/articles/david-sacks-looks-to-raise-up-to-500-million-for-second-craft-ventures-fund-1540788790?tpl=venturecapital|title=David Sacks Looks to Raise Up to $500 Million for Second Craft Ventures Fund |work=[The Wall Street Journal](/source/The_Wall_Street_Journal)|date=29 October 2018}}</ref> and Bill Lee,<ref name="Axios 2017">{{cite news | last=Primack | first=Dan | title=Ex-Zenefits CEO David Sacks raising VC fund | website=Axios | date=6 October 2017| url=https://www.axios.com/ex-zenefits-ceo-david-sacks-raising-vc-fund-1513306013-d12d6a6b-9222-4617-8202-7ed419852fb9.html | accessdate=3 June 2018}}</ref><ref name="Jackson 2018">{{cite news | last=Jackson | first=Eric | title=Ex-PayPal executive David Sacks explains how his new company will change crypto trading | website=CNBC | date=6 February 2018| url=https://www.cnbc.com/2018/02/06/ex-paypal-david-sacks-on-craft-fund-and-harbor.html | accessdate=3 June 2018}}</ref> formerly of Remarq and Big Fish Games. [Jeff Fluhr](/source/Jeff_Fluhr),<ref name="Bloomberg">{{cite web|url= https://www.bloomberg.com/research/stocks/private/person.asp?personId=10871195&privcapId=137079217 |title=Jeff Fluhr|publisher=[Bloomberg](/source/Bloomberg_L.P.)|accessdate=1 November 2018}}</ref> founder and former CEO of [StubHub](/source/StubHub), joined as a general partner in 2018 and [Sky Dayton](/source/Sky_Dayton), founder of [EarthLink](/source/EarthLink) and [Boingo Wireless](/source/Boingo_Wireless), joined as venture partner the same year.

Craft announced its first fund of $350 million in January 2018<ref name="This Week in Startups">{{cite news | last=Calacanis |first=Jason |title=David Sacks Craft Ventures $350m raise, big Bird bet, VR, crypto, Yammer, Zenefits, investing | website=This Week in Startups | date=20 July 2018| url=https://soundcloud.com/twistartups/twist-e838 | accessdate=24 August 2020}}</ref> and its second fund of $500M in October 2019.<ref name="TechCrunch">{{cite news | last=Loizos |first=Connie |title=David Sacks's Craft Ventures just closed its second fund with $500 million | website=Techcrunch.com | date=15 October 2019| url=https://techcrunch.com/2019/10/15/david-sackss-craft-ventures-just-closed-its-second-fund-with-500-million/ | accessdate=24 August 2020}}</ref>

==Funds==
Craft Ventures I ($350 million) was raised in 2017.<ref>{{Cite web|title=CRAFT VENTURES I, L.P. :: California (US) :: OpenCorporates|url=https://opencorporates.com/companies/us_ca/201729300012|access-date=2021-10-30|website=opencorporates.com}}</ref><ref>{{Cite web|title=Craft Ventures I {{!}} Palico|url=https://www.palico.com/funds/craft-ventures-i/946a30fa881147d38cb089e49e107f63|access-date=2021-10-30|website=www.palico.com}}</ref>

Craft Ventures II ($500 million) was raised in 2019.<ref>{{Cite web|title=Craft Ventures II {{!}} Palico|url=https://www.palico.com/funds/craft-ventures-ii/1c5ddb8d32d8405e942eb3e002df3b39|access-date=2021-10-30|website=www.palico.com}}</ref>

In August 2021, Craft announced the closing of Craft Ventures III ($612 million) and Craft Ventures Growth I ($510 million), focusing on [SaaS](/source/SaaS) businesses and [marketplace](/source/marketplace) businesses.<ref>{{Cite web|last=Fluhr|first=Jeff|date=2021-08-04|title=Announcing Craft III: $1.1 Billion for SaaS and Marketplaces|url=https://medium.com/craft-ventures/announcing-craft-iii-1-1-billion-for-saas-and-marketplaces-c3c34448db17|access-date=2021-10-30|website=Craft Ventures|language=en}}</ref><ref>{{Cite web|date=2021-08-14|title=Craft Ventures Launches its $1.2 Billion Fund for SaaS and Marketplace Startups|url=https://www.crowdfundinsider.com/2021/08/179025-craft-ventures-launches-its-1-2-bn-funds-for-sass-and-marketplace-startups/|access-date=2021-10-30|website=Crowdfund Insider|language=en-US}}</ref>

In November 2023, Craft announced the closing of Craft Ventures IV ($712 million) and Craft Ventures Growth II ($608 million).<ref>{{Cite web |last=FinSMEs |date=2023-11-14 |title=Craft Ventures Raises $1.32 Billion for Two Funds |url=https://www.finsmes.com/2023/11/craft-ventures-raises-1-32-billion-for-two-funds.html |access-date=2024-06-05 |website=FinSMEs |language=en-US}}</ref>

== Notable exits ==
{| class="wikitable"
|+
!Company
!Year of investment
!Investment type
!Exit<ref>{{Cite web|title=Craft Ventures {{!}} Our Portfolio|url=https://www.craftventures.com/portfolio|access-date=2021-06-11|website=www.craftventures.com}}</ref>
|-
|[CloudKitchens](/source/CloudKitchens)
|2017
|Series A (Co-Lead)
|Acquired by 10100 in 2019
|-
|Harbor
|2017
|Seed
|Acquired by [BitGo](/source/BitGo) in February 2020
|-
|Lumina
|2018
|Seed (Lead)
|Acquired by BitGo in April 2020
|}

== References ==
{{reflist}}

Category:Financial services companies established in 2017
Category:Venture capital firms of the United States
Category:2017 establishments in California
Category:Companies based in San Francisco

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Adapted from the Wikipedia article [Craft Ventures](https://en.wikipedia.org/wiki/Craft_Ventures) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Craft_Ventures?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.