Craft Ventures
UnclaimedAt a Glance
- Check Size
- $50K – $50M
- Stage
- Pre-Seed, Seed, Series A, Series B+
- AUM
- $5.2B
- Sectors
- Enterprise, Marketplace, AI
- Founded
- 2017
- HQ
- San Francisco, CA
About Craft Ventures
Craft Ventures is a San Francisco venture capital firm founded in 2017 by David Sacks and Bill Lee, investing from pre-seed and seed through Series A and Series B and beyond across enterprise software, marketplaces and AI. The firm manages $2B in assets under management and is known as a metrics-driven investor focused on B2B SaaS companies with strong unit economics and scalable business models. Notable portfolio companies include SpaceX, Faire, Loom, Reddit, Tesla, BirdEye, Persona and Cedar.
The partnership's PayPal lineage shapes the method. Sacks was PayPal's chief operating officer and later built Yammer, which Microsoft bought for $1.2B in 2012, and Craft turns that operating discipline into an explicit analytical framework, underwriting to net dollar retention, burn multiple, magic number and the shape of a company's cohort curves rather than to narrative. The firm publishes that framework openly, which has made it a reference point for how software boards read their own numbers.
Craft has raised five core venture funds plus two growth vehicles, with Fund IV closing at $712M in 2023 and Growth II raising roughly $749M across its master fund and feeder. The scale lets it lead a seed round and keep writing checks through growth, as it did at Horizon3.ai, where it wrote a third check at a Series E valuing the company above $2B.
Investment Thesis
“Metrics-driven investor focused on B2B SaaS companies with strong unit economics and scalable business models.”
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (9)
Fund History (3 funds)
| Fund | Vintage | Size | Status |
|---|---|---|---|
| — | $350M | — | |
| — | $400M | — | |
| — | $1.1B | — |
Fund History
Craft Ventures has raised five core venture funds and two growth vehicles since 2017. Craft Ventures I filed in October 2017, with an I-A parallel fund and an I-B vehicle that raised $20M. Fund II filed in November 2018 and Fund III in March 2021, alongside the first growth fund filed the same day. Craft Ventures IV filed in May 2022 and closed at $711,975,000 per its May 2023 amendment, the largest disclosed core fund. Craft Ventures Growth II closed at $584.9M in its master vehicle with a further $164.5M in a feeder, roughly $749M together. Craft Ventures V and its feeder filed in August 2026 and are currently raising.
Current gross asset values reported in the firm's March 2026 adviser filing total roughly $5.16B across the disclosed master funds. Craft files as an exempt reporting adviser, so it publishes no regulatory assets under management figure, and no limited partners are named. The management entity was originally registered as Sacks Capital Management.
SEC Fund Filings
- Vehicles filed, last 24 months
- 2
- Latest filing
Craft Ventures filed a Form D for 2 fund vehicles between Sep 26, 2024 and Sep 25, 2026.
| Fund vehicle | Source |
|---|---|
| Craft Ventures Feeder V, LP | SEC Form D, filed |
| Craft Ventures V, LP | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Craft Ventures by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Investment Timeline (10 deals)
2022
ClickUp
Series CDeel
Series D+2021
OpenSea
Series BLinear
Series A$35M2020
SpaceX
GrowthSourcegraph
Series B2019
Affirm
GrowthTesla
Growth2018
Bird
Series CTeam (6)
Related Articles (1)
Frequently Asked Questions
What stage does Craft Ventures invest at?
Craft Ventures primarily invests at the Pre-Seed, Seed, Series A, Series B+ stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is Craft Ventures located?
Craft Ventures is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Craft Ventures focus on?
Craft Ventures focuses on investments in Enterprise, Marketplace, AI. Their portfolio reflects deep expertise and networks within these sectors.
What is Craft Ventures's typical check size?
Craft Ventures's typical investment check size ranges from $50K to $50M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Craft Ventures have under management?
Craft Ventures manages approximately $5.2B in assets under management (AUM) across their funds.
Similar Firms
Fund Operations Resources
Running a fund like Craft Ventures? Independent guides to the software and processes emerging managers use to operate.
Best Fund Administration Software
Independent breakdown of fund administration platforms by fund size.
LP Reporting Software
Tools for capital account statements and investor updates.
Portfolio Monitoring Tools
How GPs track company performance across the portfolio.
VC CRM Software
Deal-flow and relationship management for investors.
Related tools and reading
The operating system for private capital.
Archstone runs the back office for venture, PE, real estate, and credit funds — LP reporting, capital calls, portfolio tracking, and fund accounting, in one platform. Now in alpha.