Constructing on its earlier crypto involvement, VC agency Andreessen Horowitz is now reportedly gathering thunder for one more fund, in line with a
Constructing on its earlier crypto involvement, VC agency Andreessen Horowitz is now reportedly gathering thunder for one more fund, in line with an article from the Monetary Instances, or FT.
“The brand new fund, Andreessen’s third that’s targeted on cryptocurrency investments, is aiming to boost between $800m and $1bn from traders, in line with 4 individuals with data of the method,” FT wrote on Friday.
A Enterprise Capital, or VC, agency, Andreessen Horowitz additionally operates beneath the identify a16z. The entity is lively within the crypto and blockchain sector, and has invested in a variety of initiatives. It plans to intention the brand new fund’s capital towards crypto trade initiatives and digital property, FT reported.
The VC participant was additionally a heavy investor in Coinbase, which lately went public on April 14. Andreessen Horowitz has offloaded about $120 million of its Coinbase inventory, though it held roughly $11 billion within the asset on the time of its itemizing, in line with regulatory filings cited by FT.
In April 2020, headlines surfaced relating to the entity’s pursuit of $450 million for its second crypto-specific fund. The agency ended up securing $515 million.
The crypto area general has seen appreciable capital inflows over the previous yr, evident within the trade’s $2 trillion asset market cap valuation, which it reached in April 2021.