US-based venture capital firm Craft Ventures has announced its latest $1.12 billion funds for SaaS and Marketplace founders. The fund is divided into Craft Ventures III ($612 million) and Craft Ventures Growth I ($510 million), bringing Craft’s total assets under management at $2 billion.
The California-based venture fund, founded by David O Sacks and Bill Lee, has also expanded its investment in services. Brian Murray, Liany Painter, Bryan Rosenblatt, and Michael Tam have joined the investment team. Craft has also doubled the size of its team of Operating Partners.
“In a time when capital is abundant, our real value is advice and support. Every member of the Craft team has either been a unicorn founder or a successful operator. This deep industry expertise means that everyone at Craft is equipped to provide input or serve as a sounding board when founders need it most,” said Jeff Fluhr, General Partner of Craft Ventures, in a blog.
Craft, with expertise in SaaS and Marketplace startups, has backed more than 30 unicorn companies in the last few years, including Bird, ClickUp, and Reddit.
“SaaS businesses are attractive for their predictable, compounding recurring revenue. Moreover, in our view, Bottom-Up SaaS companies, which can spread virally like a consumer product, are some of the most attractive opportunities because of their growth potential,” Fluhr said. Craft has backed many SaaS companies like Addepar, AgentSync, Sourcegraph and Vendor earlier.
With the help of an expanded team, the closing of a third venture fund, and the first growth fund, Craft would continue to delve deeper into the field of SaaS and Marketplaces and breed the future is readier than ever to partner with software founders.