Andreessen Horowitz is launching a brand new crypto-focused fund devoted to increasing the scale and marketability of blockchain tasks, providing a
Andreessen Horowitz is launching a brand new crypto-focused fund devoted to increasing the scale and marketability of blockchain tasks, providing additional proof that enterprise funds consider within the endurance of digital property.
Crypto Fund III, a $2.2-billion enterprise fund co-led by Andreessen Horowitz normal companions Chris Dixon and Katie Haun, was formally introduced Thursday morning. The fund will probably be used to finance cryptocurrency networks and groups which can be contributing to the brand new decentralized economic system.
“This fund permits us to seek out the following technology of visionary crypto founders, and spend money on essentially the most thrilling areas of crypto,” Andreessen Horowitz stated. “We spend money on all phases, from early seed-stage tasks to completely developed later-stage networks.”
The scale of the portfolio is far larger than the $1-billion fund Andreessen Horowitz was rumored to be growing earlier this 12 months. It additionally builds off Crypto Fund II, an funding initiative first launched by Andreessen Horowitz in August 2020.
Andreessen Horowitz is a prolific investor within the blockchain business, having led a number of high-profile raises, together with a latest token sale that netted Solana Labs $314 million. The enterprise agency was additionally behind the $23-million increase for NFT market OpenSea, the $40-million Talos increase and a $28-million funding spherical in Aleo. The agency was additionally behind Dfinity’s $105-million haul again in 2018.
The enterprise agency’s blockchain portfolio consists of among the largest names within the business, together with Coinbase, Fb-backed Diem, Compound and Maker, amongst a number of others.
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Along with the funding announcement, Andreessen Horowitz stated Thursday that it has recruited 5 executives to its workforce, together with Invoice Hinman, a former director at the USA Securities and Alternate Fee; Rachel Horowitz, a former communications lead at Twitter, Google and Fb; and Tomicah Tillemann, the brand new world head of coverage who served as a senior adviser for Joe Biden and Hillary Clinton.
Alex Worth, an entrepreneur who based a quantitative analysis agency that was later acquired by Digital Forex Group’s Genesis Capital, additionally joined the workforce, together with Brent McIntosh, who just lately served as Underneath Secretary of the Treasury for Worldwide Affairs.