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 12 months in the past.
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 cofounded a lot of firms) — invests in collection seed by 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 Chook, the e-scooter firm whose Sequence A spherical Craft had led. (Chook founder Travis VanderZanden introduced the corporate’s Sequence D spherical of $275 million at a $2.5 billion valuation at our current TechCrunch Disrupt occasion.)
Fluhr in the meantime focuses on marketplaces and e-commerce primarily based on his expertise as Founder/CEO of Stubhub and the agency cites as certainly one of his extra outstanding offers the Sequence A spherical of the nursing market Trusted Well being.
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 as a consequence of announce yet one more spherical quickly).
And Dayton — who could be very notably a cofounder with Travis Kalanick in CloudKitchens, the darkish kitchen firm that’s actually making an attempt to take over the world) — focuses on so-called laborious tech, drawing on his expertise with launching EarthLink (a dial-up pioneer) and the WiFi service supplier Boingo Wi-fi.
A few of the agency’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 of its offers is Inside, a months-old, San Francisco-based startup that wishes to assist firms higher handle their inner consoles to allow them to be sure that not everybody on workers has entry to delicate knowledge. It closed on $5 million in seed funding led by Craft final month, a deal we’d written about right here.