Building on its previous crypto involvement, VC firm Andreessen Horowitz is now reportedly collecting thunderstorms for another fund, according to an article by the Financial Times of FT.
“The new fund, Andreessen’s third focus on cryptocurrency investments, aims to raise between $ 800 million and $ 1 billion from investors, according to four people with knowledge of the process,” FT wrote Friday.
Andreessen Horowitz, a Venture Capital or VC firm, also operates under the name a16z. The entity operates in the crypto and blockchain sector and has invested in a number of projects. It plans to focus the new fund’s capital on projects in the crypto industry and digital assets, FT reported.
The VC player has also been a heavy investor in Coinbase, which recently went public on April 14. Andreessen Horowitz has offloaded approximately $ 120 million of its Coinbase shares, although it held approximately $ 11 billion at the time of listing, according to regulatory filings cited by FT.
In April 2020, headlines surfaced about the entity’s aim for $ 450 million for its second crypto-specific fund. The company eventually brought in $ 515 million.
The crypto space in general has seen significant capital inflows in the past year, as evidenced by the industry’s $ 2 trillion market cap valuation, reached in April 2021.