Andreessen Horowitz to Expand East Coast Operations, Sources Say

The venture capital firm, which manages roughly $18.8 billion in assets, has made a series of early investments in crypto since entering the space back in 2013.

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key takeaways

  • The Silicon Valley-based firm launched a $2.2 billion cryptocurrency fund in June
  • Andreessen Horotowitz was an early investor in Coinbase, with a stake worth of $11.2 billion once the crypto trading platform went public in April

Venture capital firm Andreessen Horowitz (a16z) will allegedly expand their New York City operations, according to a report from Business Insider today.

The VC giant has hired its first general partner in New York, along with two other partners in recent weeks. The firm’s website also posted positions open for market-development employees, a receptionist and an IT-AV specialist.

Founded by Ben Horowitz and Marc Andreessen, a16z has continued to search for innovative ways to try to outperform their competitors. One of which is their continued investment offerings in crypto, which includes infrastructure, DAOs, DeFi, NFTs and more. 

The fund, with an AUM of $18.8 billion, has made a series of early investments in the crypto and fintech scene since it started investing in crypto back in 2013. It was an early-investor in Coinbase, with a stake worth of $11.2 billion once the popular cryptocurrency trading platform went public in April.

The Silicon Valley-based firm launched its first cryptocurrency fund back in 2018, which raised $300 million. The company’s second fund raised $515 million last year, while a third fund launched in June aims to raise $2.2 billion. According to the firm’s website, they manage roughly $3.1 billion between these three crypto funds.

“We believe that the next wave of computing innovation will be driven by crypto,” according to an a16z post about their most recent crypto fund. “We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed.”

a16z did not immediately respond to Blockworks’ request for comment as of press time.

Andreessen Horowitz has been active in the recent funding boom in the digital asset space, participating in rounds for 5G network Helium, crypto wallets Phantom, Thesis and Valora, and blockchain analytics platform Nansen, among others.

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