Andreessen Horowitz goals to boost $4.5 billion to put money into crypto funds
A16z, a VC firm with investments in Protocol Labs, Polychain Capital and Opensea amongst others, is now planning to boost $4.5 billion for its newest fund, which is concentrated solely on cryptocurrencies, in response to a report by U.Okay newspaper Monetary Occasions.
Final week, Andreessen Horowitz’ enterprise capital agency reportedly mentioned it might increase $3.5 billion for its VC fund, in addition to one other $1 billion for Web3 seed investments, with the plans to be introduced in March. The agency is able to eclipse the $2.2 billion it raised in June 2021, which was the crypto business’s largest on the time.
The primary fund can be used for funding in crypto start-ups and tasks which are looking for funding for initiatives, whereas the second fund can be centered on investing in digital tokens and currencies.
Andreessen Horowitz, with nearly $30 billion in property underneath administration, is considered one of Silicon Valley’s high enterprise capital firms. The enterprise fund was one of many first main traders in firms like Skype, Fb, Twitter and Coinbase. If a16z is profitable in attracting traders to boost $4.5 billion, it might change into the business’s largest, surpassing Paradigm’s $2.5 billion in November 2021.
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A16z has backed a variety of crypto-friendly gaming platforms, most not too long ago Carry1st, which is the agency’s first funding in a startup on the African continent. In October 2021, a high-powered delegation from the VC agency engaged with members of Congress and administration officers in the USA to debate crypto guidelines.