Venture capital giant Andreessen Horowitz (a16z) has raised the largest crypto venture fund ever: $4.5 billion.
The vehicle, the company’s fourth, brings a16z’s total crypto and Web3 holdings to $7.6 billion.
The launch makes a plan come true that was unveiled in January when the company released a now-updated one investment thesis is based on the “power of software” as “coding of human thinking and as such has an almost unlimited scope for design”.
“We believe we are now entering the golden era of Web3,” general partner Chris Dixon said in a blog post announcing the new fund. “Programmable blockchains are advanced enough, and a variety of apps have reached tens of millions of users. More importantly, a massive surge of world-class talent has arrived [Web3] during the last year.”
Talent is pouring into the industry during a bull market, Dixon told audiences at last week’s Permissionless conference in Palm Beach, adding that a bear market is the best time for builders to focus on what’s next.
The fund will invest in Web3 startups spanning the spectrum from DeFi across gaming, infrastructure, DAOs, NFTs, privacy, decentralized social media “and many other areas.”
The company also plans to expand its in-house staff to meet the verification needs of additional startup investments.
a16z’s crypto portfolio consists of several dozen companies, including big names like Dapper Labs, dYdX, OpenSea, Near, Solana, Phantom and Uniswap. That latest addition is Flowcarbon building an on-chain tokenization platform for carbon credits.
“Our frequent discussions with builders have given us the confidence to make it big and we are grateful to be your partner,” Dixon wrote of the latest fund.
The post Andreessen Horowitz launches largest crypto fund ever at $4.5 billion is not financial advice.
Source: Crypto News Austria