Andreessen Horowitz (also known as a16z) is planning to raise up to $4.5 billion for two new crypto funds, according to a report by the Financial Times.
Last week, the Silicon Valley venture capital firm reportedly told investors that it will raise $3.5 billion for its venture fund, while another $1 billion will be raised for its seed investments in the web3 space, with plans set to be confirmed in March. The Block has contacted a16z for comment but did not receive a response by press time.
The news comes at a time of funding frenzy in the digital asset space. In November, crypto VC firm Paradigm launched a $2.5 billion fund for web3 companies and protocols. Former a16z partner Katie Haun is said to be raising close to $900 million for a new venture capital firm.
If a16z manages to successfully charm investors, the $4.5 billion haul would be the largest raise by any crypto venture investor to date. It would also be a further sign that investor confidence in crypto is at an all-time high. Last year, a record $29.1 billion was raised by crypto startups, according to The Block statistics.
Most recently, a16z led a $20 million investment in crypto-friendly gaming platform Carry1st, its first investment in a startup headquartered on the African continent.
Earlier this month, the VC firm also announced it had raised $9 billion for its venture, growth, and biotech funds.