American venture capital firm Andreessen Horowitz (a16z) has raised $4.5 billion in funding to support crypto startups five months after disclosing it was planning to secure $3.5 billion.
a16z Invests in Crypto Despite Bear Market
According to the announcement, the latest investment round is the a16z’s fourth and most significant crypto fundraising. The milestone has brought the company’s total record of crypto investments to $7.6 billion.
The funding will be used to support different Web 3.0 ecosystems including Decentralized Finance (DeFi), Decentralized Autonomous Organizations (DAO), and Blockchain Governance.
“We think we are now entering the golden era of web3. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users. More importantly, a massive wave of world-class talent has entered web3 over the last year. They are brilliant and passionate and want to build a better internet,” a16z said.
The fund will also extend to NFT projects, decentralized social media, bridges, layer 1 and layer 2 infrastructure, and regenerative finance, among others.
Andreessen Horowitz said approximately $1.5 billion will be allocated to seed investments, while the remaining $3 billion will be dedicated to venture investments. The firm is calling on promising Web3 project developers and founders to apply for funding.
“Thanks to all of you for building the next generation of the internet. Our frequent conversations with builders have given us the confidence to go big, and we’re grateful to be your partner. Please reach out to us if you’re a founder, developer, creator, or any other type of builder in web3 — we’re excited to meet you,” the company said.
Not the First
This is not the first time Andreessen Horowitz has secured funding to support cryptocurrency and blockchain startups despite the bear market.
Earlier this week, Coinfomania reported that the venture capital firm launched a $600 million in gaming funds dubbed “GAME FUND ONE” that will invest in gaming studios, infrastructure, and gamers.
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