Craft Ventures Targets $1 Billion for Fifth Fund Amid Crypto Industry Shifts

Craft Ventures is targeting $1 billion for its fifth fund, marking a significant step up in scale from its previous funds.

The firm's co-founder David Sacks spent 14 months as the White House's AI and crypto czar before returning to venture capital. Craft Ventures V would push the firm's total capital raised from limited partners north of $4 billion if successful.

The new vehicle is structured as a Delaware limited partnership, with no specific portfolio targets or investment themes disclosed yet. However, the firm has historically focused on B2B software and marketplaces.