Andreessen Horowitz raised $9 billion to invest in a diverse range of startups, completing one of the largest venture capital fundraising campaigns.
According to the firm’s announcement on Friday, the money is being invested in three new funds. More than half is invested in a growth fund aimed at more mature startups. The remainder is split between a general venture fund and a biotech and health fund.
The fundraising effort outperforms one completed by Sequoia Capital in 2020, which raised approximately $7 billion. Andreessen Horowitz’s total assets under management now exceed $28 billion as a result of the new fund.
Andreessen Horowitz, at 12 years old, is young in comparison to Sequoia, which is 50 years old, but it faces a slew of new competitors. Many are profiting from the crypto rush, including one from Katie Haun, a former Andreessen Horowitz partner.
Andreessen Horowitz is also interested in cryptocurrency, and it has a $2.2 billion fund separate from the new trio. According to the firm, some of the recently raised cash, particularly in the growth fund, could be invested in cryptocurrency.
The firm did not name any of the new fund’s investors, but previous funds’ backers have included Princeton University and Yale University.
Ben Horowitz revealed the funds in a blog post on Friday. According to Bloomberg Businessweek, the co-founder and his business partner Marc Andreessen have taken a less active role in day-to-day operations in recent years, and Horowitz relocated to Las Vegas from Silicon Valley, where the firm is based. The couple responded to the article on Twitter, claiming that they are still heavily involved in the company.
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