Partnered With:

A16z ex-partner Goes Solo: Will KRH be the Next Paradigm?

Read this article in 11 Minutes

"One of the things I've learned at A16Z over the last four years is that I'm actually an entrepreneur."

KRH Partners: Former A16Z Partner Katie Haun and her Plan to Go It Alone

原文作者：Richard Lee，链捕手

In the early days of crypto, capital and investors were a major focus of the market.

Last December, Katie Haun, a silicon Valley crypto investment star and former GENERAL partner of A16Z, announced that she was leaving a16Z to set up her own crypto and Web3 investment fund. She quickly began hiring, and to date has grown her team to at least nine people, including participating in Opensea Series C and Autograph Series B funding. Cryptography native venture capital institutions represented by Paradigm have always been favored by project partners. Will KRH become the next Paradigm?

Jessica Chou/Photo by Fortune

According to a securities and exchange commission (" SEC ") filing, KRH Partners Founded in early 2022, it is currently named Kathryn Rose Haun. Chain Catcher has at least nine members on its team, according to incomplete statistics.

Recently, the Airbnb Former policy chief & NBSP; Chris Lehane, Polychain Capital Former General Partner (GP) Sam Rosenblum has joined the team. When Haun left late last year, fortune reported, he was "allowed" to take six a16Z employees, including Tomicah Tillemann, head of global policy. And operating partner Rachael Horwitz.

According to Katie Haun As of January 26, his team has made seven investments, most of which are currently undisclosed, he tells Fortune.

Personal history and team lineup

Katie Haun is known for her political background in fighting crypto crimes as a 10-year member of the U.S. Justice Department.

According to CNBC, Katie Haun spent her early years abroad, attending Boston University and Stanford Law School before working as a legal clerk in a US federal court. According to her Linkedin page, she has been an assistant U.S. Attorney and digital currency coordinator at the U.S. Department of Justice since 2006, during which time she specialized in cyber crime, dark web, FinTech, cryptocurrency, blockchain, anti-money laundering and other investigations and prosecutions.

Katie Haun is leading the charge against two federal agents who stole hundreds of thousands of dollars in Bitcoin while undercover in a notorious silk Road dark Web case.

Since then, Katie Haun has been hired by A16Z as a general partner since June 2018. She founded a16Z's first crypto investment fund with another partner Chris Dixon and is co-chair of all three crypto funds a16Z has invested so far. Her portfolio includes Opensea, NFT music platform Royal, and more.

According to published reports, Katie Haun's contributions to A16Z include team recruiting and policy lobbying. Chris Dixon told Fortune in an email that a16Z's crypto investment team has grown from two to about 50 people in four years, with Katie Haun recruiting "most" of them.

In terms of policy lobbying, A16Z is known for providing investment firms with a full range of services, from marketing to regulatory compliance, due to its talent pool. Relying on her Washington government connections, Haun recruited Tomicah Tillemann, a former aide to President Biden, to a16Z in the summer of 2021 and led a lobbying campaign for crypto regulation in Washington later this year.

Tomicah Tillemann (left) worked as an aide to President Biden when he was a Senator. Photo: The New York Times

Ktie Haun's ability to attract talent also applies to her own VC. She from a16z & have spent The six employees taken by the encryption team were Rachael Horwitz, Tomicah Tillemann, Nick Pacilio, James Rathmell, Kindra Mason and Stephanie Watkins, Rachael Horwitz will serve as KRH's Chief marketing officer, Tomicah Tillemann will continue to lead the policy area, and Nick Pacilio will be the new company's director of communications.

Chris Lehane, who left Airbnb, will become KRH's chief strategy officer, while Sam Rosenblum, former GP of Polychain Capital, will become partner and head of the deal team.

Chain catcher incomplete statistics

This is the division of labor of KRH Partners up to now, with a nine-member team taking shape. According to The Information, Haun expects his team size to be capped at around 20 people, which is predictable. More staff may join in the future.

KRH Partners Funding sources and investment strategies

"One of the things I've learned at A16Z over the last four years is that I'm actually an entrepreneur." Katie Haun spoke to Fortune about why she left.

Unlike the a16Z's massive size, Haun wants to keep her team small. "We want to be flexible," Haun says.

In terms of project selection, unlike A16Z, which focuses more on U.S. startup teams, Haun said KRH Partners plans to adopt a global strategy, looking for startups far from typical startup hubs like Silicon Valley. "I think some of the best crypto founders will be found around the world," Haun says, "so I think one of the things my company is going to do is focus more and more globally."

In terms of post-investment services, Haun says there will be a more targeted approach to what types of services to offer founders, rather than a blanket approach to help.

Katie Haun plans to raise between $900 million and $1 billion for its new fund, according to multiple sources, citing people familiar with the matter. According to the FT, Haun will set up two types of funds, one focused on investing in early-stage crypto start-ups, and another for large companies and tokens, raising $300m and $600m respectively.

In an interview, Katie Haun declined to comment on the rumors. She said she could not comment for "legal and regulatory reasons." However, several media outlets, including The Block, have reported that A16Z will also partner with KRH as a limited partner (LP). The Financial Times further revealed in early January that A16Z has committed $50 million to Haun.

Haun will be The sole general partner (GP) of his new fund, The Information said, citing sources familiar with The matter. General partners have greater management rights and responsibilities than limited partners (LP).

Haun's Twitter page

Katie Haun has yet to officially announce her new fund through public channels, and her Twitter page still describes her solo venture as "Something new." Katie Haun also told Fortune that KRH Partners is just a name for legal documents, and that she is reluctant to name the business after herself for what could be a long-term future. "I'm building a franchise, and I believe that one day, someone else will take over." She said.

A new name and more details about the new VC may be unveiled soon. But what is certain is that the wheels are already turning in secret.