Katie Haun is leaving Andreessen Horowitz to start a new firm focusing on crypto and Web3 startups; Haun's deals at a16z included OpenSea and Coinbase
they're like family. As a board partner I will continue to work on managing the existing a16z crypto portfolio and will keep my board seats Kathryn Haun / @katie_haun : 6/ This is an exciting new chapter. I'll share more details about the fund with the community later in the new year. In the meantime, wishing you all a very happy and healthy holiday season! Emilie Choi / @emiliemc : Congrats to @katie_haun on an incredible run at @a16zcrypto and to her next venture! And here's to @cdixon, who will continue to grow the world class operation at @a16z. Both have done so much for Web3 and will continue to blaze new trails. 🙌 https://twitter.com/... Kathryn Haun / @katie_haun : 3/ I will be forever grateful to @cdixon, @pmarca, and @bhorowitz for believing in me early on. Our work together and your continued support have been invaluable. Thank you for cheering me on and supporting me in this new chapter ❤️ Kathryn Haun / @katie_haun : 2/ When Chris and I started our first crypto fund in 2018, it was a moonshot experiment. Thanks to the hard work of many, it has exceeded both of our wildest expectations. Today it's more apparent than ever that web3 will transform the internet Vijaya Gadde / @vijaya : Wow - love to see this @katie_haun! 🙌 https://twitter.com/... Elad Gil / @eladgil : So much news today! Congrats @katie_haun on a new crypto & web3 fund.... https://twitter.com/... Alex Konrad / @alexrkonrad : big big news in crypto VC world 👀 https://twitter.com/...
Context & Ripple Effects
Haun had been a co-chair of Andreessen Horowitz’s crypto fund, with coverage centered on blockchain’s geopolitical and regulatory risks. Her departure preserves continuity for the firm’s existing crypto holdings because she will remain a board partner and retain her seats.
The move became a standalone investing platform: Haun later raised a $1.5B debut fund, and reporting subsequently tracked its deployment into roughly two dozen startups despite the crypto-market downturn. That arc makes the exit more than a personnel change at a16z.
First-order effects
- Andreessen Horowitz loses Haun as an operating investor but keeps her involved in managing its existing crypto portfolio and board positions, including investments such as OpenSea and Coinbase.
- Haun gains an independent vehicle focused on crypto and Web3 startups, separating her future dealmaking from a16z while maintaining responsibilities to its current portfolio.
Second-order effects
- Crypto founders and later-stage companies gain another dedicated capital source; the subsequent $1.5B fundraise shows that Haun’s independent platform could compete for deals once pursued inside a16z.
- a16z must sustain its crypto investing franchise without Haun’s full-time role while still coordinating with her on portfolio companies where she remains a director.
Third-order effects
- The progression from an a16z leadership role to a large independent fund points to crypto venture investing becoming a field where prominent investors can build standalone platforms with sizable pools of capital.
- Haun’s later deployment during a crypto downturn suggests that manager spinouts can outlast an individual market cycle, shifting competition toward firms with capital reserved across stages.
The trend: Crypto venture capital is evolving from specialist teams inside generalist firms toward independent managers raising multi-stage funds around the Web3 investment cycle.