(Bloomberg) — Andreessen Horowitz raised $9 billion to invest in a wide range of startups, completing one of the largest fundraising campaigns in venture capital.
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The money is parked in three new funds, the firm said Friday. More than half sits in a growth fund targeting more mature startups. The rest is distributed between a general venture fund and one specializing in biotech and health.
The fundraising effort exceeds one Sequoia Capital completed in 2020 that raised about $7 billion. With the new cash, Andreessen Horowitz’s total assets under management is now more than $28 billion.
At 12 years old, Andreessen Horowitz is young compared with the 50-year-old Sequoia, but it faces an army of new competitors. Many are capitalizing on the rush to crypto, including one from a former Andreessen Horowitz partner, Katie Haun.
Crypto is a focus for Andreessen Horowitz, too, and it has a $2.2 billion fund separate from the new trio. Some of the just-raised cash, particularly in the growth fund, could be invested in crypto, the firm said.
The firm didn’t identify…
