Key Takeaways
- • Craft Ventures is targeting $1 billion for its fifth fund via an SEC filing dated August 7, 2026, marking the firm's first major fundraise since co-founder David Sacks departed his White House role in March 2026.
- • A successful Fund V would bring Craft's total capital raised from limited partners to over $4 billion, nearly doubling the combined size of all four prior funds ($1.32 billion in prior commitments).
- • Sacks served 14 months as the White House's AI and crypto czar (January 2025–March 2026), during which the administration advanced clearer regulatory frameworks for digital assets; he has since transitioned to co-chairing the President's Council of Advisors on Science and Technology.
- • Craft Ventures, co-founded by Sacks and Bill Lee in San Francisco in 2017, has historically focused on B2B software and marketplaces, with assets under management reaching $3.3 billion after 2023 closings.
- • Sacks' elevated political profile and policy influence in the crypto and AI sectors may provide competitive advantages in investor and founder engagement as the firm pursues its billion-dollar target.
Summary
Craft Ventures, the venture capital firm co-founded by David Sacks, is pursuing a $1 billion fundraise for its fifth fund, according to an SEC filing dated August 7, 2026. The timing marks a significant inflection point: Sacks has recently returned to full-time venture capital after serving 14 months as the White House's AI and crypto czar, a role he held from January 2025 through March 2026 under the current administration.
The proposed Fund V represents a material scaling of Craft's capital base. Prior to this fundraise, the firm had raised $1.32 billion across four funds and maintained $3.3 billion in assets under management following 2023 closings. If successful, the new $1 billion vehicle would elevate Craft's total LP commitments to over $4 billion—nearly doubling the combined capital from all preceding funds. The fund is structured as a Delaware limited partnership, a standard vehicle for institutional venture deployment.
During his White House tenure, Sacks influenced digital asset and artificial intelligence policy at a pivotal moment for regulatory clarity in the crypto sector. The administration undertook several notable initiatives to establish clearer regulatory frameworks for digital assets during his service. Upon departing in March 2026, Sacks transitioned to co-chairing the President's Council of Advisors on Science and Technology, maintaining influence in technology policy while returning to venture operations.
Craft Ventures, established in 2017 by Sacks and Bill Lee from San Francisco, has maintained a focused investment thesis centered on B2B software and marketplaces. The firm has positioned itself as an operator-friendly investor, reflecting Sacks' background as a member of the original PayPal mafia and founder of Yammer. No specific portfolio targets or investment themes have been disclosed for Fund V at this juncture. Sacks' enhanced political profile and direct involvement in shaping crypto policy may provide differentiated positioning with institutional LPs and technology founders seeking ventures with policy acumen alongside capital deployment.
The proposed Fund V represents a material scaling of Craft's capital base. Prior to this fundraise, the firm had raised $1.32 billion across four funds and maintained $3.3 billion in assets under management following 2023 closings. If successful, the new $1 billion vehicle would elevate Craft's total LP commitments to over $4 billion—nearly doubling the combined capital from all preceding funds. The fund is structured as a Delaware limited partnership, a standard vehicle for institutional venture deployment.
During his White House tenure, Sacks influenced digital asset and artificial intelligence policy at a pivotal moment for regulatory clarity in the crypto sector. The administration undertook several notable initiatives to establish clearer regulatory frameworks for digital assets during his service. Upon departing in March 2026, Sacks transitioned to co-chairing the President's Council of Advisors on Science and Technology, maintaining influence in technology policy while returning to venture operations.
Craft Ventures, established in 2017 by Sacks and Bill Lee from San Francisco, has maintained a focused investment thesis centered on B2B software and marketplaces. The firm has positioned itself as an operator-friendly investor, reflecting Sacks' background as a member of the original PayPal mafia and founder of Yammer. No specific portfolio targets or investment themes have been disclosed for Fund V at this juncture. Sacks' enhanced political profile and direct involvement in shaping crypto policy may provide differentiated positioning with institutional LPs and technology founders seeking ventures with policy acumen alongside capital deployment.
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