- Silicon Valley investment powerhouse Andreessen Horowitz is reportedly raising a $450 million crypto-focused fund.
- In 2018, the firm’s first crypto-focused fund attracted $350 million in capital commitments.
According to a Financial Times report, venture capital firm Andreessen Horowitz (a16z) is all set to raise $450 million for a second crypto-focused fund. The firm “could finalize the new fund in about a week but has not yet placed a hard cap on its size,” the report added.
In 2018, the firm’s first crypto-focused fund attracted $350 million in capital commitments. a16z also runs a crypto school for aspiring entrepreneurs. Being one of the industry’s most prominent investment backers, a16z has invested in several companies, including Coinbase, Libra and Polychain, among others. It has also invested in significant projects that form the Open Finance (DeFi) ecosystems like Maker, Compound and dYdX.
Given the current pandemic conditions, the $450 million fund is a risky bet. According to a u.today report, 80% of crypto and blockchain startups are on the verge of bankruptcy in Zug’s “Crypto Valley.”
Share
