Andreessen Horowitz sets up a $515 million crypto fund to help fund new blockchain projects – with this being the second fundraising campaign by the VC firm.
According to the recent reports, Silicon Valley venture capital giant Andreessen Horowitz has raised more than $500 million for creating a new crypto fund. The initial fundraising goal was $450 million, but the investment fund ended up nabbing in a total of $515 million. Chris Dixon and Katie Haun who led the investment clarified that the fund will be used to initiate a number of new blockchain projects.
In an interview with Fortune, Chris stated, “It’s very rare that major, new computing paradigms come along, and we think this is on the scale of cloud and mobile for the Internet,” Chris and Katie explained that the fund will open up new avenues in the field of payments systems, digital stores of value, decentralized finance, Web3, and other ways to monetize content creators.
Previously Andreessen Horowitz created another crypto investment fund worth $300 million, out of which $25 million went to Coinbase in 2013. Apart from Coinbase, the fund also invested in companies like Dfinity, MakerDAO, Compound, and Filecoin. Interestingly, Andreessen Horowitz was one of the first backers of Bitcoin and blockchain technology.
The firm is also providing a free, seven-week blockchain education program, under its Crypto Startup School. Andreessen Horowitz partners and other top VCs are involved in the project. Promising projects also get an opportunity to pitch their ideas, and raise money.
Andreessen Horowitz is clearly being actively involved in the crypto space, investing in projects, and setting up funds that will eventually trigger crypto and blockchain adoption. Last year, it also became a registered investment adviser, a distinction offered by the Securities and Exchange Commission.
To sum it up, with a $515 million fund right there in place, it will be interesting to note how the capital will be allocated and to whom. Moreover, Marc Andreessen’s recent comment about rebuilding America amid the COVID disaster brings this question more into relevance.