# Craft Ventures [[David Sacks]]'s venture capital firm, co-founded in late 2017 with [[Bill Lee]]. Manages ~$3.3B in assets across early-stage and growth funds focused on enterprise software, crypto, and AI. ## Fund History - **Craft I (2017):** $350M initial fund - **Craft II (2019):** $500M - **Craft III + Growth I (2021):** $1.3B combined, bringing AUM to $2B - **Craft IV + Growth II (2023):** $1.3B combined, bringing AUM to $3.3B ## Portfolio & Unicorn Track Record Sacks has invested in over 20 unicorns, both personally and through Craft: Affirm, Airbnb, ClickUp, Eventbrite, Facebook, Houzz, Lyft, OpenDoor, [[Palantir]], Postmates, Reddit, Slack, [[SpaceX]], Twitter, Uber, and Wish. ## The Crypto Portfolio (and Divestment) Craft Ventures built a substantial crypto portfolio including direct holdings in Bitcoin, Ethereum, and Solana, plus LP positions in [[Multicoin Capital]] and Blockchain Capital, plus equity in Coinbase, Robinhood, BitGo, and Lightning Labs. When Sacks became AI/Crypto Czar in January 2025, he and Craft divested **$200M+** in crypto-related holdings. However: - He did NOT divest his equity in BitGo (~2.5% of total assets) or Lightning Labs (~1.1%) - He did NOT classify [[Palantir]] as an AI company despite its extensive AI branding, avoiding recusal from decisions affecting it - He still holds positions in **449 companies** with AI products ## Conflicts of Interest Craft Ventures is the central vehicle through which Sacks's government conflicts flow. As AI/Crypto Czar, Sacks shaped policy on: - **Crypto regulation** — while Craft held $200M+ in crypto assets - **AI procurement and policy** — while Craft's portfolio includes companies that sell to the government - **Stablecoin legislation** — while positioned to benefit from favorable regulatory frameworks [[The White House]] issued a blanket ethics waiver described by critics as "a presidential pardon in advance." See: [[Defense Tech Conflicts of Interest]] ## Board Seats (Sacks) LittleSis documents Sacks holding board seats at: Vendr, MyHeritage, ClickUp, Trellis, Sourcegraph, OpenPhone Technologies, Scratchpad, and Bird Rides. ## See Also - [[David Sacks]] - [[Defense Tech Conflicts of Interest]] - [[Crypto-Political Machine]] - [[Trump Crypto Ventures]] - [[Multicoin Capital]] - [[All-In Podcast]]