Andreesen Horowitz Officially Launches New Crypto Fund
Ben Horowitz and Marc Andreessen’s a16z have revealed today the launch of a third crypto fund venture (called the Crypto Fund III) which, according to them, is the largest fund ever after raising over $2 billion before launch.
Chris Dixon and Katie Haun as Co-Heads
Per the company’s press release, “the funds raised for Crypto Fund III is the largest ever in the history of the crypto world. This is an important period for the crypto community and a huge indication of the growing acceptability of crypto into the finance world.”
In the last few months, various media reports have rumored that a16z are on the verge of establishing a new crypto fund. The first rumor was by the financial times, which reported that Andreessen Horowitz is about to raise one billion dollars for a new crypto fund. Renowned tech blogger, Eric Newcomer also confirmed the financial times’ reports late last month but said the amount is about two billion dollars.
Close sources reveal that most investors were partners from the other crypto funds that the company runs. Most of them invested in the new crypto fund because of the enormous returns from their investment with the company. The California-based investment firm sold its Coinbase shares immediately after the exchange’s public listing on NASDAQ and earned about $450 million in the process.
Andreesen Horowitz continues to invest broadly into the crypto market; its investments span across the decentralized internet, web 3, bitcoin applications, and decentralized finance (DeFi). The company’s investment does not exclude popular projects like Near, Uniswap, Celo, and Dapper Labs.
Co-heads of Crypto Fund III, Dixon, and Haun revealed in a blog post that “our main objective for Crypto Fund III is to invest in fascinating crypto projects and next-gen visions of crypto founding fathers. We intend to invest in projects and networks regardless of their stage of development.”
Apart from raising over $2.1 billion from investors, the crypto department of Andreessen Horowitz has been hiring aggressively too. Its key hires include Anthony Albanese, who recently joined a16z crypto from New York Stock Exchange and is now the section’s chief operating officer.
Recent additions also include Bill Hinman and Racheal Horowitz. Hinman had previously worked at the securities and exchange commission as a director and was once quoted saying, “Ethereum can’t be considered a security.” Horowitz was a former lead communicator at Coinbase and vastly experienced communications strategist who has worked with several top Silicon Valley companies.
A former senior adviser to current American President, Tomicah Tilleman, also joined a16z recently. Tilleman will head the company’s Policy department.
Dixon and Haun opined that “the crypto world has undergone rapid developments like any other new computer-related project. Hence, it is the main reason we hire these experienced hands from different industries to showcase “crypto” to the general public.”
Investors Not Relenting Their Crypto Investments
A16z’s Crypto Fund III is the latest addition to rising investors in the crypto world. More investors keep pouring cash into startups in this virtual asset class despite the slump in the market in recent times.
Framework ventures and blockchain capital recently announced investments of $100 million and $300 million new investment funds, respectively.
Framework Ventures is investing in a DeFi project, while blockchain capital raised a considerable portion of that amount from tech moguls, Visa and PayPal.
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