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A16z to Launch $1B Crypto Venture Fund
The Silicon Valley VC giant is going big for its third crypto venture fund, the Financial Times reported Friday.
By Zack Seward
Updated May 9, 2023, 3:18 a.m. Published Apr 30, 2021, 6:15 p.m.
Andreessen Horowitz (a16z) is assembling a third crypto venture fund, according to a report Friday in the Financial Times.
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Four people with knowledge of the process told the FT that a16z is looking to pull in between $800 million and $1 billion for the new fund.
It could ultimately double the $515 million fund a16z last raised for crypto investments.
The news comes in the wake of the Coinbase public listing, in which a16z was rewarded handsomely for its early support of the crypto exchange. A16z cashed out $449.2 million in COIN stock on behalf of its investors on April 14, the day the stock made its debut on Nasdaq.
Read more: Coinbase CEO Sold $291.8M in Shares on Opening Day
With crypto prices trading at near all-time highs, a16z is looking to corral investors interested in finding the next Coinbase.
A request for comment sent to a16z wasn't returned by press time. The FT said the venture-capital firm declined to comment.
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A16z Crypto to Open Seoul Office, Hire Sungmo Park to Lead Asia Efforts
Andreessen Horowitz's crypto venture capital unit pointed to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.
What to know:
- Venture fund a16z crypto is opening its first office in Asia, located in Seoul, and named Sungmo Park to lead it.
- The Seoul office aims to build partnerships and accelerate community growth across the region.
- South Korea's active onchain community and developer ecosystem probably influenced the fund's decision to choose Seoul over other Asian financial hubs.
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