Amid crypto market turmoil, Andreessen Horowitz announces $4.5 billion web3 fund
The new $4.5 billion fund doubles the size of its last crypto fund and showcases the widening interest among the firm’s limited partners in increasing their exposure to crypto startups. The firm specifies that one-third of the new mega-fund will be earmarked for seed deals exclusively.
It’s been less than one year since a16z announced its $2.2 billion Crypto Fund III, and the firm has endured just as many changes as the broader crypto market during that time. Recent months have seen the further ascent of crypto-native firms like Paradigm and Electric Capital, which have raised mega-funds to challenge a16z’s dominance. The firm also endured the exit of its crypto co-lead, Katie Haun, who split off from a16z, taking a number of colleagues with her to launch Haun Capital with $1.5 billion spread across two funds.