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    Crypto investor Katie Haun raises $1.5 billion, the largest debut fund ever by a female VC

    Watch Daily: Monday – Friday, 3 PM ET

    Crypto investor Katie Haun has raised $1.5 billion for her new firm after a surprise departure from Andreessen Horowitz last year.
    It’s the largest initial fund ever raised by a solo female founding partner, Pitchbook says.
    “It feels, honestly, like a lot of pressure. But I think that motivates everyone on the team,” Haun says. “Web3 is the new era of the internet and it deserves a new era of investors.”

    Crypto investor Katie Haun has raised $1.5 billion for her new fund after leaving Andreessen Horowitz, and shattered a record in the process.
    Haun Ventures’ kickoff marks the largest debut venture fund ever raised by a solo female founding partner, according to Pitchbook. Former investment banker Mary Meeker held the prior record with a $1.3 billion fund after spinning out from Kleiner Perkins.

    “It feels, honestly, like a lot of pressure. But I think that motivates everyone on the team,” Haun told CNBC in her first broadcast interview since leaving Andreessen Horowitz. “Web3 is the new era of the internet, and it deserves a new era of investors.”
    The term Web3, or Web 3.0, loosely refers to general computing applications built on the blockchain — the same technology underlying bitcoin and other cryptocurrencies. Examples include NFTs, which are traceable ownership certificates attached to digital files such as art pieces or videos, and decentralized finance applications, in which self-executing “smart” contracts can be used to replace middlemen like lawyers and bankers in certain types of transactions. But overall, the space is still in a very early and experimental phase.
    Haun Ventures will invest in both start-up equity, and in some cases the cryptocurrencies issued by those start-ups, also known as tokens.
    “That’s something I’ve learned through being involved in deploying three other crypto funds: there’s still a ton of potential in crypto and Web3 equity business models, but also token business models,” she said. “I don’t think that you can really be a crypto investor without holding tokens.” 

    Katie Haun, Andreessen Horowitz General Partner
    Source: CNBC

    Haun’s fund will be divvied up into two segments: $500 million for early-stage companies and protocols, and $1 billion for “acceleration,” or later-stage projects.

    Haun, a former federal prosecutor, became Andreessen’s first female general partner in 2018 where she co-led its multiple cryptocurrency funds alongside Chris Dixon. Andreessen Horowitz will be a limited partner in Haun’s newest fund, while Marc Andreessen, the firm’s founder, and Dixon all personally contributed to her new endeavor.
    Her exit caught many in Silicon Valley off guard. While it was a “dream job,” Haun said the departure was about taking more of a risk, and “stepping out of her comfort zone.”
    “Obviously there’s a relationship there, and there are friendships there. We still intend to collaborate closely with Andreessen Horowitz,” she said. “One of the unique things about our fund size makes it so that we don’t have to lead every deal, we can play well with a lot of other crypto investors — founders don’t want a single investor on their cap table, even in the early rounds.”
    Haun Ventures’ nine-person team includes Chris Lehane, a former Airbnb executive and Clinton administration official, Tomicah Tillemann, a former staffer for President Joe Biden, and Rachael Horwitz, who led communications teams at Twitter, Google, Facebook and Coinbase. Multiple employees left Andreessen Horowitz with Haun for the new fund. She said the smaller team allows the firm to be more “nimble,” and act as “venture contributors” in addition to venture capitalists.
    “Gone are the days where founders just want capital,” she said. “One of the things that Haun Ventures will do for our founders is really actively contribute to the projects in which we invest.”
    The launch comes during a bear market for bitcoin. The world’s largest cryptocurrency is down roughly 40% from its peak in November, with smaller cryptocurrencies like ether seeing deeper losses. Haun, who has invested through past downturns or “crypto winters”, said there’s still plenty of developer activity and upside.
    “When I think back to deploying the first two crypto funds, that was during a period of immense volatility — it was definitely a crypto winter with prices down 70% and projects were still born that during that cycle,” she said, highlighting Solana and NFT exchange OpenSea. “One of the things I’ve learned as an investor with a long term view of the space, is that great products are going to be built and great protocols are going to be built, no matter what the prices are.”
    Crypto exchange Coinbase, which Haun is on the board of, has seen roughly 58% from drop its high last year. Still, Haun said private start-up valuations aren’t being affected, yet.
    “There’s a bit of a lag. We’re still seeing very high valuations in crypto projects. Last time this happened, with macro market corrections, it took a while for that to translate over into crypto. I think the same could be true here,” she said.
    While cryptocurrencies may be struggling to regain momentum, dollars flowing into private companies is at all-time highs. Blockchain start-ups brought in a record $25 billion in venture capital dollars last year, according to recent data from CB Insights. That figure is up eightfold from a year earlier.
    That flood of venture dollars has sparked some controversy on Twitter.
    Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey ⁠— two of the world’s best-known tech billionaires ⁠— have been among those questioning “Web3.” Dorsey argues VCs and their limited partners are the ones who will ultimately end up owning Web3 and it “will never escape their incentives,” he tweeted, calling it a “centralized entity with a different label.”
    “I look at it as Web3 finally getting some of the critics it deserves in the space,” Haun said. “If I could have the choice between Jack Dorsey offering some critiques versus some of the myths that we’ve heard perpetrated for so long in the space, I would certainly choose the former. So I think that debate is healthy.” More

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    Nike sees signs of recovery in China, which could be a good omen for other retailers

    Glimmers of hope for Nike in China could be good news for other retailers with big business in the region, as companies contend with a prolonged pandemic recovery and global unrest.
    Nike showed, at least for now, it is handling broader macroeconomic challenges, including ongoing supply chain backlogs, better than many had anticipated.
    The biggest overhang on Nike’s stock has been China, but now the region is “moving in the right direction,” one analyst said.

    An employee works next to shoes on display inside the flagship store of sporting-goods giant Nike in Shanghai on March 16, 2017.
    Johannes Eisele | AFP | Getty Images

    Glimmers of hope for Nike in China could be good news for other retailers with big business in the region, as companies contend with a prolonged pandemic recovery and global unrest.
    Nike shares closed Tuesday up 2.2%, at $133.09, after the sneaker giant said its China business is improving in spite of recent backlash against Western brands and a shortage of merchandise in the marketplace. Nike showed, at least for now, it is handling broader macroeconomic challenges, including ongoing supply chain backlogs, better than many had anticipated. Ahead of Monday’s report, Nike shares were down 22% this year.

    The results from Nike bode well for other athletic apparel retailers such as Adidas and Puma that have similar global exposure, analysts say. To be sure, Nike has yet to provide an outlook for its upcoming fiscal year, which begins in June, due to a number of volatile factors that could change between now and when Nike reports its fiscal fourth-quarter results. That still leaves room for trends to turn in the other direction.
    For the three-month period ended Feb. 28, Nike said sales in China fell 8% year over year, better than the 12% drop that analysts had anticipated. It was also a marked improvement from the 24% drop that Nike booked in the prior quarter. China has notably been Nike’s most profitable market.
    Wedbush analyst Tom Nikic said in a note to clients that the biggest overhang on Nike’s stock has been China, but now the region is “moving in the right direction.”
    “With significant brand momentum and long term [earnings] power driven by the direct-to-consumer initiative, we believe Nike remains one of the highest-quality, highest-visibility growth stories in our space,” he said.
    During a post-earnings call with analysts, Nike’s management team explained the steps the company has taken to win shoppers’ favor overseas. For example, Nike has partnered with two Chinese retail distributors, Top Sports and Pou Sheng, to extend its reach in the region. It also cited a recent brand campaign that was tied to the Beijing Olympics.

    “We’re encouraged by this momentum and what it says in terms of our optimism to be able to return to a long-term growth algorithm,” said Chief Financial Officer Matthew Friend. “In the short-term, we’re operationally watching the Covid-related lockdowns in the marketplace and the impact on the fourth quarter of these lockdowns is unclear at this moment … but it feels different.”
    In the fiscal fourth quarter, Friend said Nike expects to see sequential improvement in China as it continues to monitor a recent uptick in Covid cases and renewed lockdowns.
    Evercore ISI analyst Omar Saad called this quarter a “turning corner” for Nike in China. “We think the strong performance eases key concerns that Covid significantly derailed China demand,” he said in a note to clients. “We also think this puts to bed concerns that any shift in demand towards domestic brands would significantly hamper Nike’s growth.”
    Atlantic Equities analyst Daniela Nedialkova echoed this sentiment, writing in a research note that expectations for Nike’s third-quarter report had been moving lower in recent weeks, sending the stock lower, particularly because concerns around China had been elevated.
    There were also fears of Nike losing share to domestic brands amid supply chain constraints and inability to fully stock inventory, Nedialkova said. But on Monday, Nike reassured investors that it will still be able to hit longer-term targets that it laid out last year, she said.
    For its current fiscal year, Nike reiterated its expectations for sales to grow mid-single-digits from the prior 12-month period. Analysts had forecast revenue to be up 5.3%.
    Beyond trying to return to growth in China, Nike is navigating a complex environment on its home turf and biggest market in North America.
    While consumer demand for its sneakers and apparel appears to be robust, a snarled supply chain still poses an issue. Nike said transportation times remain elevated in North America compared with other regions. It takes six weeks longer to get goods compared with pre-pandemic levels, the company said, and two weeks longer than the same period a year earlier.
    To prepare for the fall season, Friend said that Nike has moved up its buying timeline in order to secure enough merchandise for the back-to-school rush.
    “We are staying on the offense,” said CEO John Donahoe. “Our confidence as we look long-term hasn’t changed one bit.”

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    Stocks making the biggest moves midday: Nike, Pfizer, Alibaba, Carnival, GameStop and more

    A man with Nike bags talks on the phone in front of a Nike store as Black Friday sales begin at The Outlet Shoppes of the Bluegrass in Simpsonville, Kentucky, November 26, 2021.
    Jon Cherry | Reuters

    Check out the companies making headlines in midday trading.
    Nike — Shares of Nike jumped 2.2% after the company reported a beat on the top and bottom lines in the third quarter. The retailer reported earnings of 87 cents per share on revenues of $10.87 billion, topping analysts’ estimates of 71 cents per share on revenues of $10.59 billion. Nike delayed giving its outlook for the year.

    GameStop – Shares of the video-game retailer jumped 30.7%. There was no clear reason behind the move. The firm reported quarterly results last week, posting a per-share loss of $1.86 compared to expected earnings of 85 cents per share, according to FactSet’s StreetAccount. Shares of AMC Entertainment, a fellow meme-stock favorite, also leapt 11%.
    Datadog — Shares of the software company jumped 6% after investment firm BTIG initiated coverage of the stock with a buy rating. BTIG said in a note to clients that Datadog is set up for near- and long-term success.
    Alibaba — Shares of the China-based e-commerce giant jumped 11% after the company increased its share buyback program to $25 billion from $15 billion, effective for a two-year period through March 2024. Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to its board as an independent director.

    Stock picks and investing trends from CNBC Pro:

    Tencent Music Entertainment — The entertainment services company saw its shares jump 9.6% after it reported better-than-expected earnings for the most recent quarter. Tencent Music also said it would pursue a secondary listing on the Hong Kong Stock Exchange.
    Pfizer — The biopharmaceutical giant’s stock price slipped 2.1% after the company said it will distribute up to four million treatment courses of its oral Covid pill to dozens of poorer nations in a partnership with the United Nations Children’s Fund. 

    Okta — Shares of the authentication and identity management firm fell 1.7% on news of a potential breach from a hacking group. Okta said it had “detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors” but found no new evidence of an attack.
    Alphabet — The tech giant’s stock price spiked 2.7% after Google’s parent company spun off Sandbox AQ, a quantum computing start-up that includes former Google CEO Eric Schmidt as investor and chairman of the board.
    Sherwin-Williams — The paint company’s shares gained 1.7% after Bank of America upgraded the stock to a buy from neutral. Analyst Steve Byrne said the issues facing the chemicals sector are already accounted for in the stock price and that the shares could be a way to bet on the U.S. economy over Europe.
    Carnival — The cruise company slipped less than 1% after it provided a business update for the first quarter that includes a net loss of $1.9 billion, compared with estimates of $1.36 billion, according to FactSet’s StreetAccount. Carnival also reported revenues of $1.62 billion, compared to estimates of $2.26 billion.
    Energy stocks — Several energy stocks were lower on Tuesday and were the top decliners in the S&P 500 after jumping in the previous session, as investors paused to take profits. Hess and Occidental declined more than 2%. EOG, Diamondback and Marathon declined more than 1%. Energy is the only sector in the green so far in 2022.
    — CNBC’s Samantha Subin, Sarah Min and Jesse Pound contributed reporting

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    Vikings owner Mark Wilf went to the Poland-Ukraine border to help refugees – here's what he saw

    Minnesota Vikings owner Mark Wilf recently returned from the Poland-Ukraine border, where he was helping relief efforts.
    “The needs are just simply overwhelming,” Wilf told CNBC. “It was a combination of exhaustion, shock, as well as where to go next for the refugees.”
    Wilf chairs the Jewish Federations of North America, a group that estimates it has already been able to help more than 40,000 elderly Jewish refugees and 2,500 Jewish children in the Ukraine strife.

    With the NFL’s annual meetings set for this weekend, Minnesota Vikings co-owner Mark Wilf has more on his mind than just football.
    Last week, he brought a humanitarian group to the Poland-Ukraine board to help with relief efforts as Ukrainian refugees flee Russia’s invasion. The trip was carried out under the Jewish Federations of North America, which he chairs.

    “The needs are just simply overwhelming,” Wilf told CNBC. “It was a combination of exhaustion, shock, as well as where to go next for the refugees. This will be with us for a long time, no matter how this wraps up politically or militarily.”
    Wilf said the Jewish Federations have raised a collective $40 million in Ukrainian aid, and they plan to return to the region for more humanitarian trips. Funds are going toward sustaining displaced Jews who are in camps and shelters without basic needs such as food, medicine and clothing. The group is also providing financial assistance to the elderly, families and others who are the most vulnerable.
    “They’re just trying to get their lives in order,” Wilf said. “Their entire lives are being uprooted.” They’re also being traumatized by the violence and death they’re witnessing, he added.

    Members of the Jewish Federation of North American on the border between Ukraine and Poland receive a briefing with a volunteer from Israel.
    Source: Jewish Federations of North America

    Wilf said he’s particularly concerned about war’s youngest victims.
    “I look at these young children, I say, what is their future going to be like, how are they going to look back at this period of their life because it’s obviously going to be impactful for the rest of their lives,” he said.

    Wilf said a lot of his time at the border was spent listening and meeting different families experiencing the crisis in their own ways.
    “We met parents with three young children that literally had all their life belongings in a shopping cart. They had a nice middle-class life, their young girls were taking dance lessons two weeks ago, and here they are now with their home destroyed and nothing to go home to,” he said.
    The organization estimates it has already been able to help more than 40,000 elderly Jewish refugees and 2,500 Jewish children.
    But Wilf and his group aren’t done yet.
    The Vikings boss said he plans to tell his fellow owners and NFL Commissioner Roger Goodell about the devastation he witnessed.
    “I’m sure next weeks meetings, there will be an opportunity to further the conversation.”
    Wilf also said the Vikings are starting to have internal conversations about how the team and its players can promote awareness about the horrors of the Ukraine war.
    “Any way to give back to these folks, would be very much appreciated because there’s a lot of need,” he said.

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    The NFL will now let teams seek limited blockchain sponsorships, but cryptocurrency promotion remains banned

    The NFL granted teams limited permission to seek blockchain sponsorships, although bans on cryptocurrency promotions and fan tokens remain in place for now.
    The permissions, which are subject to the NFL’s approval, exclude stadium signage. Restrictions remain in place for cryptocurrency and fan tokens.
    The league’s decision also comes after a recent federal lobbying push related to blockchain.

    A football with the NFL logo
    Jacob Kupferman | Getty Images

    The National Football League, in a memo issued Tuesday, granted teams limited permission to seek blockchain sponsorships, a partial reversal from late last summer, as the technology grows in popularity among the organization’s fans and athletes.
    The league said it made the decision to allow “promotional relationships without undertaking excessive regulator or brand risk” after it completed an evaluation of the technology. The updated team guidelines, which are subject to the NFL’s approval, exclude stadium signage. For now, restrictions remain in place for specific cryptocurrencies and fan tokens, which can be exchanged for merchandise and experiences.

    “Clubs will continue to be prohibited from directly promoting cryptocurrency,” the memo reads.
    The NFL’s decision also comes after its recent lobbying push related to blockchain. CNBC reported in February that the league lobbied the Securities and Exchange Commission on “issues related to blockchain technology” from July through December 2021. The NFL also lobbied the White House and the departments of Justice and Commerce.
    “In this evolving regulatory environment, it remains essential that we proceed carefully when evaluating potential commercial opportunities involving blockchain technologies, and conduct appropriate diligence on all potential partners and their business models,” the memo reads.
    The memo comes days ahead of the NFL’s annual meetings, which start Saturday in Florida. The league will update team owners on business initiatives, including the revised blockchain guidelines. It’s the first time the NFL will hold the meetings in person since 2019 due to the Covid pandemic.
    CNBC obtained a copy of the memo issued by NFL Chief Revenue Officer Renie Anderson and Chief Media and Business Officer Brian Rolapp. The update comes after the NFL and the players union struck a deal with blockchain company Dapper Labs to produce video collectibles. Panini has the league’s NFT trading card rights. In addition, the NFL approved media partners to allow blockchain advertisements during its games for the first time during the 2021 season.

    Joe Ruggiero, the NFL’s head of consumer products, told CNBC the team deals with blockchain companies will not exceed three years, “so that it gives us flexibility for the long term.” Ruggiero added the NFL could put its official blockchain rights on the marketplace, too.
    It’s unclear how much the NFL would seek. CNBC previously reported that the National Basketball Association struck a deal with Coinbase worth $192 million over four years. Likewise, cryptocurrency platform FTX’s $10 million pact with the NBA’s Golden State Warriors could be a blueprint for potential deals between blockchain-linked companies and NFL teams under the newly issued guidance.
    “We’re extremely bullish on blockchain technology,” Ruggiero said. “We think that it has a lot of potential to really shape innovation, shape fan engagement over the course of the coming decade.”
    Blockchain tech serves as digital ledgers similar and is used for cryptocurrencies like bitcoin. It also effectively gives virtual collectibles like nonfungible tokens, or NFTs, unique and nonhackable certificates of authenticity. Tuesday’s memo also granted teams limited permissions on NFTs.

    Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
    Michael Nagle | Bloomberg | Getty Images

    “Subject to League approval, Clubs may now accept advertising (without use of club marks and logos, unless in connection with a League NFT deal) for NFTs and NFT companies,” the memo reads. Yet the league will continue to prohibit teams from “engaging in product licensing arrangements or sponsorships for NFTs or NFT companies (other than as permitted in connection with League-level NFT partnerships),” it adds.
    NFL stars such as Tom Brady and Rob Gronkowski have capitalized on the blockchain marketplace with NFT deals. Brady’s NFT platform, Autograph, raised $170 million in January, according to Bloomberg.
    E-commerce giant Fanatics – which the NFL co-owns –invested in NFT company Candy Digital. That firm launched in 2021 and locked up Major League Baseball NFT rights. In October, CNBC reported Candy Digital is valued at $1.5 billion after a raise from investors, including NFL legend Peyton Manning.
    Ruggiero said the NFL would continue to evaluate its remaining restrictions on blockchain-related technologies.
    “Everything is changing so quickly – we all have to be looking at the next areas of innovation,” he said. “So, we’re spending a lot of time looking at where the future might go.”

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    Inflation is spiking the cost of pet parenthood yet owners are still splurging on care

    More than 70% of dog parents have noticed the rising costs of food, treats, toys and veterinary visits, and 73% worry about prices continuing to grow.
    However, many pet owners are still willing to splurge on quality food, specialized services and eco-friendly products.

    Halfpoint Images | Moment | Getty Images

    Pet parenthood is getting more expensive, but many owners are still willing to splurge, according to a report from Rover, an online pet marketplace.
    Rising costs and inflation are a growing concern for Americans, affecting everyday expenses like groceries, gasoline and housing. Pet parents are also feeling the sting, according to the report analyzing data from more than 1,000 U.S. dog owners. 

    More than 70% of pet parents have spent more on food, treats, toys and veterinary visits, and 73% worry about prices continuing to grow, the report found.
    Indeed, annual inflation for pet food rose by 3.7% in February, according to the U.S. Department of Labor, and pet services, including veterinary care, spiked by 5.8%.  
    More from Personal Finance:Here’s how retirees can navigate inflationSkyrocketing inflation is taking a big bite out of your paycheckHere’s what the Fed’s rate hike means for borrowers, savers and homeowners
    “Like most consumer goods and services across the globe, the cost of many pet products has increased in the past year,” said Kate Jaffe, trend expert at Rover. “Despite these rising costs, Americans are still splurging like never before for their beloved pets.”
    For example, nutritious and fresh-ingredient food is a popular splurge item, the report shows, with the majority of pet owners willing to spend extra.

    Personalized services, such as dog walking and sitting, particularly for city-dwellers, is also a priority for pet parents. Many are willing to pay extra for “green” products, like biodegradable poop bags, and some will shell out for smart pet tech devices.
    These findings may suggest pets and their well-being “aren’t discretionary expenses, but rather part of the mandatory family budget,” Jaffe said.

    These findings align with a 2021 report from the American Pet Products Association, showing that 35% of owners spent more on pet supplies over the past 12 months, and 51% are willing to pay more for “ethically sourced” and “eco-friendly” products. 
    The percentage of U.S. homes with pets has continued to grow during the pandemic, reaching an estimated 70% in 2022, compared to 67% in 2021, according to the American Pet Products Association.

    Costs vary by breed

    Generally, dog parents spend about $100 to $149 per month, regardless of location, according to Rover’s findings. Of course, expenses may vary based on unique needs and lifestyle.
    However, if you’re ready to adopt a dog and worried about your budget, you may compare the average costs by breed, Jaffe suggested.
    For example, mixed breeds, dachshunds and chihuahuas are typically less expensive, costing less than $100 per month.

    And while Labrador retrievers, surprisingly, may cost between $50 and $99 per month, golden retrievers are on the higher end, with owners spending $100 to more than $150 per month.
    “Breed factors [into the cost of dog parenthood] on a number of levels,” said Dr. Rebecca Greenstein, veterinary medical advisor for Rover. “At its very simplest, it could be about size, and size is a huge governing factor in costs.
    “Medicines are dosed based on body weight, for example,” she noted.

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