Founders Fund, a San Francisco-based venture capital firm, has announced that Joey Krug, former co-chief investment officer at Pantera, has joined the company as a partner. Krug’s role at Founders Fund will be focused on defining the next decade of the company’s crypto strategy, while also searching for the next wave of generational crypto startups and founders to back. Krug has been a notable figure in the crypto investment space, having co-founded Augur, a decentralized prediction market platform, and serving as co-CIO at Pantera before his departure in February 2022.
In a Medium blog post, Krug commented on the need for a specialized, crypto-only investment fund alongside traditional VCs, stating that by combining his expertise in crypto with the brand and generalized expertise of Founders Fund, the firm is well-positioned to lead the charge in funding and growing the next decade of crypto protocols and companies. Founders Fund was founded in 2005 by a big-name roster of partners, including billionaire entrepreneur Peter Thiel. The firm broadly invests across all stages and sectors and its portfolio companies include Lyft, Facebook, SpaceX and Stripe.
Krug’s departure from Pantera was announced in a letter sent out to investors on Feb. 3, with no reason given for the exit. Krug joined the Dan Morehead-led firm in 2017 to help manage its Liquid Token Fund, which lost 80% in 2022 due to the crypto winter and post-FTX collapse turbulence. Bloomberg reported Friday that Krug had joined Founders Fund, citing sources.
Krug’s appointment at Founders Fund comes at a time when crypto investment is gaining increasing attention from traditional finance. The rise of NFTs and the growing acceptance of crypto as a legitimate asset class has led to a surge in investment activity. Founders Fund’s decision to bring Krug on board demonstrates the company’s commitment to staying at the forefront of crypto investment and identifying the most promising startups and protocols.
The move also highlights the growing importance of specialized expertise in the crypto investment space. As the industry continues to evolve and mature, investors will need to have a deep understanding of the technology and its potential applications in order to make informed investment decisions. Krug’s background in crypto and his experience managing Pantera’s Liquid Token Fund make him a valuable addition to the Founders Fund team.
In his role at Founders Fund, Krug will be responsible for developing the company’s crypto investment strategy and identifying the most promising startups and protocols. His expertise will be particularly valuable in identifying the next wave of generational crypto startups and founders to back. With his experience in the industry and his deep understanding of the technology, Krug is well-positioned to help Founders Fund stay ahead of the curve in the rapidly-evolving world of crypto investment.
Overall, Krug’s appointment at Founders Fund is a significant development in the world of crypto investment. As the industry continues to gain mainstream acceptance and investment activity continues to surge, specialized expertise will become increasingly important. Founders Fund’s decision to bring Krug on board demonstrates the company’s commitment to staying at the forefront of the industry and identifying the most promising startups and protocols. With Krug’s expertise and experience, the company is well-positioned to lead the charge in funding and growing the next decade of crypto protocols and companies.