Craft Ventures, the venture firm launched in 2017 by serial entrepreneur David Sacks, has closed its second fund with $500 million in capital commitments, an amount the firm was said to begin targeting roughly a year ago.
The outfit — which Sacks runs with other serial entrepreneurs Bill Lee (Remarq, Social Concepts), Jeff Fluhr (StubHub, Spreecast) and Sky Dayton (who has founded and co-founded a lot of companies) — invests in series seed, A and B rounds, in a wide range of companies that neatly fit into each investor’s wheelhouse.
For his part, Sacks, who was the COO of PayPal before founding the genealogy website Geni.com, then Yammer, is focused on both consumer and enterprise startups as long as they can go viral.
His signature bet at Craft is Bird, the e-scooter company whose Series A round Craft led.
(Bird founder Travis VanderZanden announced the company’s Series D round of $275 million at a $2.5 billion valuation during our recent TechCrunch Disrupt event.)
Lee is focused on breakthrough technologies and counts among his investments the esports company Cloud9, a company that went on to raise $50 million in Series B funding last year (and is probably due to announce yet another round soon).