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Joey Krug, who left his role as co-chief investment officer at crypto-focused venture capital firm Pantera in February, said Monday he has joined Founders Fund as a partner.
“I’ll be focused on defining the next decade of Founders Fund’s crypto strategy while looking for the next wave of generational crypto startups and founders to back,” said Krug in a Twitter post.
San Francisco-based 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.
“Historically, crypto founders have felt the need to bring on a specialized, crypto-only investment fund alongside traditional VCs,” said Krug in a Medium blog post. “However, by combining my expertise in crypto with the brand and generalized expertise of Founders Fund, I believe no firm is better positioned to lead the charge in funding and growing the next decade of crypto protocols and companies.”
“You no longer have to choose between traditional VC and crypto-native expertise and help,” he continued. “With Founders Fund you can get both.”
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.
Edited by Stephen Alpher.
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Brandy covers crypto-related venture capital deals for CoinDesk.
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Brandy covers crypto-related venture capital deals for CoinDesk.
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Peter Thiels venture capital run Founders Fund continues to back dynamic new talent within the tech industry by recently on boarding Pantera Capital alum Joey Krug as an investment partner.
Founders Fund is a venture capital firm based in California, founded by Thiels himself, Luke Nosek, Sean Parker and Ken Howery in 2005. It has invested in a variety of tech related companies such as Airbnb, Spotify, Lyft, SpaceX, and Twitter.
Krug’s new position will require the investment professional to give counsel and make financial deals for the VC firm. Krug brought a wealth of knowledge to the team, having worked at three of the most influential firms in the business; Pantera Capital, Centaur Capital Partners and Augur.
Krug’s background provides evidence to the level of success that Founders Fund strives to uphold as they announce Joey Krug as the latest investment partner. “Joey is a star,” Peter Thiel said. “The ideas he brings to the table are unlike any venture capitalist I’ve met.”
Joey Krug received his B.A. degree in Computer Science and Business from the University of Pennsylvania and his M.A. in Security and Networks from the University of Colorado at Boulder. During his time at Pantera Capital, he helped launch over $1 billion worth of initial coin offerings which has positioned him as one of the most prestigious investors in crypto.
Founding partner at Centaur Capital Partners Chris McCann, who has worked with Krug for over a year, spoke highly of Krug’s new addition to Founders Fund. “Joey is one of the smartest people I know,” McCann said. “I am certain he will bring his experience and enthusiasm to the table as he joins Founders Fund.”
By adding founders fund alum Joey Krug, Peter Thiel and the team at Founders Fund have added a distinguished venture capitalist to their prestigious lineup of other investment partners. Krug’s previous experience and knowledge substantiates that Founders Fund may continue to sweeten the pot as they strive to bring more talented investors to the field.
