Craft was founded in 2017 by David O. Sacks and Bill Lee.

[1] Craft was founded in 2017 by David O. Sacks, formerly of Yammer and PayPal[2] and Bill Lee,[3][4] formerly of Remarq and Big Fish Games.

Jeff Fluhr,[5] founder and former CEO of StubHub, joined as a general partner in 2018 and Sky Dayton, founder of EarthLink and Boingo Wireless, joined as venture partner the same year.

[8][9] Craft Ventures II ($500 million) was raised in 2019.

[10] In August 2021, Craft announced the closing of Craft Ventures III ($612 million) and Craft Ventures Growth I ($510 million), focusing on SaaS businesses and marketplace businesses.