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Tuesday marked the introduction of Launch House's first fund, House Capital, with a commitment of $10 million to invest in early-stage firms inside its community and external high-growth enterprises. Launch House is a startup community devoted to developing the new Silicon Valley. The investment thesis encompasses the whole technological environment, including Web3 advancements.
"Launch House is a membership club for startup individuals," co-founder Brett Goldstein explained in an interview with CoinDesk. "We have these co-living residency programs where people live in a house in Los Angeles or New York and create their companies there. It makes great sense for us to invest in the greatest firms that pass through those residences."
Various limited partners financed House Capital from IT and entertainment firms and general partners from other funds, such as Andrew Chen and Sriram Krishnan from Andreessen Horowitz (a16z) and James Currier from NFX. In February, a16z led Launch House's $12 million Series A funding round.
A16z created a record-breaking $4.5 billion crypto fund in May, and NFX has just committed $62.6 million in follow-on investments in portfolio firms, some of which are crypto-related.
Michael Houck, the co-founder of Launch House, stated that House Capital would invest up to $150,000 in each transaction rather than at a predetermined rate. Investments will be made when the business discovers new firms. The fund has already invested in 17 firms, most Launch House alumni. The investments included the Coinbooks cryptocurrency accounting software.
House Capital’s general partners include Goldstein, Houck, and fellow Launch House co-founder Jacob Peters.
The bulk of earnings from House Capital will be reinvested into Launch House to enhance its programming and member experiences. House Capital-backed founders will enjoy lifelong access to Launch House and its amenities, which include fundraising assistance, digital cohorts, and in-person residencies and retreats.
The partners of Launch House are unconcerned about the timing of the launch of their first fund during a worldwide bear market that saw crypto venture capital investments decline 26 percent year-over-year during the first six months of 2022.
“If you can raise a fund, and we were very fortunate to be able to do so, it provides a crazy opportunity where you’re not competing as strongly as you would have been last year against people trying to raise their first funds or large firms continuing to deploy at the same rate,” Houck explained.