Long-time venture capitalist David Pakman has left Venrock to become managing partner at blockchain investment firm CoinFund.
Pakman led Series A and Series B funding rounds in Dollar Shave Club and sat on the board until the company was acquired for approximately $1 billion during his over a decade-long tenure at Venrock.
Pakman’s upcoming role as managing partner will not be his first foray into crypto investing; according to a press release, CoinFund and Venrock have been collaborating on joint deals since 2018 with projects such as Flow, RARI, and 3Box.
“David led Venrock’s crypto efforts and had the foresight to collaborate with CoinFund early on. In a statement, Bryan Roberts, Partner at Venrock, said, “They have built an impressive portfolio of high potential blockchain and crypto companies.”
Despite his early venture days being focused on more traditional tech investments, the VC has led Series A rounds for non-fungible token (NFT) projects such as Rarible and Dapper Labs through Venrock.
Pakman will continue to serve on many Venrock boards, including Dapper Labs, which is expected to be valued at $7.6 billion following a $250 million funding announcement on Wednesday.
Pakman explained why he chose to focus on the asset class full-time in a blog post. He added that the new position will provide him with “an opportunity to truly build a firm, not just an investment portfolio.”
“Over its brief 13+ year lifespan, crypto has not only facilitated significant technological innovations, but has proven to be the single best performing investment asset,” wrote Pakman, an early investor in Coinbase. “If you are a professional investor tasked with finding the best market returns and have ignored crypto over the last decade, you have missed the best asset class returns in eight of the last ten years and cumulatively.”