In the depths of the current cryptocurrency market crash, venture capital firm A16z has raised a record $4.5 billion in its fourth fund. The leading VC fund plans to allocate $1.5 billion to Web3 seed investments and the rest to “more traditional startup investments.”
According to article Announced on Forbes today, Andreessen Horowitz has raised more than $7.6 billion in total so far. The partners within the company driving her impressions are: Chris Dixon, Sriram Krishnan, Ariana Simpson, Ali Yahya.
Raising a record amount for this fund is quite surprising given the current disastrous state of the cryptocurrency market. But partner Chris Dixon thinks the A16z should keep going.
Earlier this year, he expressed his belief that the next three years could potentially be a “golden age” for the crypto industry, and in today’s blog post, he revealed that we are in the “golden age of Web3”.
Arianna Simpson, one of A16z’s other partners, said they’ve all gone through cycles like this before and the bottom of the cycle is where the technology to withstand it is built. She said:
“The cycle is part of the process. The important part is where builders are and they keep coming to Web3 in more numbers than ever before.”
A16z has announced a number of investments in recent weeks, including a fund to build the ecosystem of Flow, the blockchain powering NBA Topshots. It also invested in cross-chain connector startup LayerZero Labs and a tokenized carbon credits company co-founded by WeWork’s former CEO Adam Neumann.
VC companies will hire more people to help achieve their goals.
“With these funds, a16z crypto will support its portfolio by hiring professionals focused on go-to-market functions such as research and engineering, security, talent and marketing and partnerships.”
Disclaimer: This article is provided for informational purposes only. It is not given or used as legal, tax, investment, financial or other advice.