Menlo Park, CA-based venture capital firm Andreessen Horowitz closed a dedicated crypto fund, at $300m.
A group of its existing limited partners, who won’t be paid back in tokens, participated in this fundraise.
Led by its newly appointed general partner Katie Haun (read related news here) and general partner Chris Dixon, a16z crypto aims at investing in both early-stage and later-stage crypto projects and protocols.
According to a post, the fund is designed to include the best features of traditional venture capital, updated to the modern crypto world. They structured a16z crypto to be able to hold investments for 10+ years, providing operational support to entrepreneurs via its 80+ person a16z operating teams, who have deep expertise in executive and technical recruiting, regulatory affairs, communications and marketing, and general startup management.
The fund will be flexible with respect to stage, asset type, and geography, investing at all stages, from seed stage pre-launch projects to fully developed later-stage networks like Bitcoin and Ethereum. It invests in traditional financial instruments like equity or convertible notes, and new instruments including the direct purchase of coins/tokens.
a16z crypto is led by Haun, Dixon, and the other crypto specialists Ali Yahya, Hilary Kivitz, Jesse Walden, Denis Nazarov, and Corban Bell
Investments from the new fund have not been finalized, yet. In the last five years, the firm has already being involved in crypto with investment such as Polychain, Ripple, Coinbase, Earn (sold to Coinbase), OpenBazaar, Basis, Maker and Mediachain, among others.