Andreessen Horowitz launches biggest-ever crypto-focused fund of $2.2B

Andreessen Horowitz is launching a crypto-focused fund aiming to expand the size of the blockchain space.

Andreessen Horowitz launches biggest-ever crypto-focused fund of $2.2B

Crypto Fund III, a $2.2 billion venture fund co-led by Andreessen Horowitz general partners Chris Dixon and Katie Haun, was officially announced Thursday morning. 

The fund will be used to finance cryptocurrency networks and teams that are contributing to the new decentralized economy.

“This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto,” Andreessen Horowitz said. “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”

The portfolio size is much bigger than the $1 billion fund Andreessen Horowitz was rumored to be developing earlier this year. It also builds off Crypto Fund II, an investment initiative first launched by Andreessen Horowtiz, back in August 2020.

Andreessen Horowitz is a well-known investor in the blockchain industry, having led several high-profile raises, including a recent token sale that netted Solana Labs $314 million.  

The venture firm has made investment in several projects with a $23 million raise for NFT marketplace OpenSea, the $40 million Talos raise, and a $28 million investment round in Aleo. The firm was also behind Dfinity’s $105 million hauls back in 2018.

The firm also has some of the biggest names in the industry, including Coinbase, Facebook-backed Diem, Compound, and Maker among several others.

Read: NFT marketplace Rarible closes $14M fundraising round led by CoinFund

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