Andreessen Horowitz
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Andreessen Horowitz

AH Capital Management, LLC
Private
IndustryVenture capital
FoundedJuly 6, 2009; 10 years ago (2009-07-06)
FoundersMarc Andreessen
Ben Horowitz
Headquarters,
Websitewww.a16z.com

Andreessen Horowitz (also called a16z, legal name AH Capital Management, LLC) is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California.

Andreessen Horowitz invests in both early-stage start-ups, which may raise just $50,000, and established growth companies, which often raise tens of millions of dollars.[1] Its investments span the mobile, gaming, social, e-commerce, education and enterprise IT (including cloud computing, security, and software as a service) industries.[2]

Founding and partnering

Marc Andreessen (left) and Ben Horowitz (right) are the company's founders.

Between 2006 and 2010, Andreessen and Horowitz actively invested in technology companies. Separately, and together, they invested $80 million in 45 start-ups including Twitter.[3] During this time, the two became known as super angel investors.[3]

On July 6, 2009, Andreessen and Horowitz launched their venture capital fund with an initial capitalization of $300 million.[4] In November 2010, the company raised another $650 million for a second venture fund,[5] at a time when the field of venture capitalism was contracting.[4] In less than two years, the firm was managing a total of $1.2 billion under the two funds.[2]

In May 2011, Andreessen Horowitz ranked as the number 1 venture capital firm by Investor Rank, based on the firm's networks and level of syndication with other venture firms.[6] Andreessen ranked number 10 on the 2011 Forbes Midas List of Tech's Top Investors[7] while he and Horowitz ranked number 6 on Vanity Fair's 2011 New Establishment List[8] and number 1 on CNET's 2011 most influential investors list.[9]

As of March 27, 2014, the firm managed $4 billion in assets after the closing of its fourth fund at $1.5 billion.[10]

In addition to Andreessen and Horowitz, the firm's general partners include John O'Farrell, Scott Weiss, Jeff Jordan, Peter Levine, Chris Dixon, Vijay Pande, Alex Rampell, Martin Casado and Andrew Chen.[11][12][13] In March 2019, it was reported that Andreessen Horowitz was opening an office in San Francisco.[14]

Investments

2009

In 2009, Andreessen Horowitz made its two first investments: one in business management SaaS developer Apptio[15] and the other in Skype stock.[16] According to Horowitz, the investment was seen as risky by other experts in the field who believed the company would be crippled by ongoing intellectual property litigation and direct competitive attacks from Google and Apple.[16] The company's founders viewed the investment as a success following Skype's sale to Microsoft in May 2011 for $8.5 billion.[16]

2010-2011

In 2010, Andreessen Horowitz invested $10 million in cloud company Okta while leading its Series A Round.[17] In 2011, Andreessen Horowitz invested $80 million in Twitter,[4] becoming the first venture firm that held stock in all four of the highest-valued, privately held social media companies at the time: Facebook, Groupon, Twitter, and Zynga.[2] Andreessen Horowitz has also invested in Airbnb, Lytro, Jawbone, Belly, Foursquare, Stripe and other high-tech companies.[4][18][19][20]

2012-2013

In 2012, Andreessen Horowitz invested in 156 companies, including the 90 companies in its portfolio,[21] and 66 start-ups[22] through its funding of Y Combinator's Start Fund.[23] They invested $100 million in GitHub, which netted over $1 billion for the fund when GitHub was acquired by Microsoft for $7.5 billion.[24][25] In 2013, Andreessen Horowitz invested in Clinkle, Coinbase, Databricks, Lyft, Oculus VR, PagerDuty, Pixlee, Ripple, Soylent, Swiftype and uBiome.[26][27][28][29][30][31][32]

2014-2015

In 2014, the firm led a $57 million Series B round in the A/B testing startup Optimizely.[33] That same year the company invested in several more companies, including Tanium for $90 million,[34]BuzzFeed,[35] and Forward Networks.[36] In 2015, the firm invested $40 million in Stack Exchange,[37][38] $2.8 million in Distelli,[39] and $80 million in cloud-based CAD software company Onshape.[40] Also in 2015 Andreessen Horowitz invested in the blogging platform Medium,[41] Samsara,[42] Improbable,[43] Honor, Inc.,[44]OpenBazaar,[45][46] a blockchain startup, and nootropics and biohacking company Nootrobox.[47]

2016-2019

In 2016, the firm led an $8.1 million Series A round in Everlaw, a legal technology company, and led a $3.5 million Series Seed round in RapidAPI, an API connection platform for developers.[48][49] Also in 2016, the firm invested $2 million in Cardiogram, a digital health company, [50] and Apeel Sciences, a food science business.[51] In 2017, the firm invested in Sigma, Health IQ, Asimov, and Cadre.[52][53][54][55][56] In 2018, the firm raised $300 million for a dedicated cryptocurrency fund.[57] It has also invested in Imply, Smartcar, PeerStreet, CryptoKitties, Dfinity, Earnin, Pindrop, Tenfold, and Very Good Security.[58][59][60][61][62]

Structure

Andreessen Horowitz partners work on behalf of all its portfolio companies, an approach modeled after the Hollywood talent agency, Creative Artists Agency.[63] In 2010, the company hired Margit Wennmachers, a marketing executive at the partner level.[64]

As of 2011, the firm had maintained a database of designers, coders, and executives and uses it to help fill positions at its start-ups.[65] Former U.S. Treasury Secretary Larry Summers became a special advisor to Andreessen Horowitz in June 2011.[66]

In September 2012, former Washington D.C. mayor Adrian Fenty was appointed Andreessen Horowitz's second special advisor.[67] Fenty was hired to advise the firm's portfolio companies on working with local, state, and federal governments.[66]

In 2019, the firm applied to restructure as a registered investment adviser in order to have more freedom to take up riskier bets like crypto.[68][69]

References

  1. ^ Arrington, Michael. "Andreessen Horowitz Celebrates First Year With New General Partner John O'Farrell". News. TechCrunch. Retrieved 2012.
  2. ^ a b c Horowitz, Ben. "Andreessen Horowitz has a new $200m Co-Investment Fund". ben's blog. Andreessen Horowitz. Archived from the original on April 7, 2011. Retrieved 2012.
  3. ^ a b Wong Kromhout, Wileen. "Ben Horowitz MS '90". UCLA Engineering. UCLA. Archived from the original on February 12, 2012. Retrieved 2012.
  4. ^ a b c d Maney, Kevin (July 6, 2009). "Marc Andreessen puts his money where his mouth is". CNNMoney. CNN. Retrieved 2012.
  5. ^ Cain Miller, Claire (November 3, 2010). "Andreessen Horowitz Starts Second Fund". The New York Times. Retrieved 2012.
  6. ^ Schonfeld, Erick. "The Top 10 VC Firms, According To InvestorRank". Top 10 Overall VC Funds. TechCrunch. Retrieved 2012.
  7. ^ "#10 Marc Andreessen". Midas List Tech's Top Investors. Forbes. Retrieved 2012.
  8. ^ "The 2011 New Establishment List: And the Top Spot Goes to..." VF Daily. Vanity Fair. Retrieved 2012.
  9. ^ "Marc Andreessen and Ben Horowitz". CNET News. CNET. Archived from the original on February 8, 2012. Retrieved 2012.
  10. ^ Dillet, Romain. "Andreessen Horowitz Raises Massive New $1.5 Billion Fund". a16z. TechCrunch. Retrieved 2014.
  11. ^ "Team - Andreessen Horowitz". a16z.com. Retrieved 2017.
  12. ^ "An Uber executive is now the newest shot-caller at Andreessen Horowitz". Recode. Retrieved 2018.
  13. ^ The Associated Press (June 30, 2018). "Barack Obama visits venture capital firm on California trip". ABC News.
  14. ^ Kawamoto, Dawn (March 11, 2019). "Venture capital powerhouse is latest Silicon Valley firm to open San Francisco office". www.bizjournals.com. San Francisco Business Times. Retrieved 2019. Italic or bold markup not allowed in: |publisher= (help)
  15. ^ Ricketts, Camille (August 19, 2009). "First Andreessen Horowitz investment, Apptio, raises $14M". Venture Beat. Retrieved 2014.
  16. ^ a b c Ovide, Shira (May 10, 2011). "Microsoft-Skype Deal: Andreessen Horowitz Takes Victory Lap". The Wall Street Journal. Retrieved 2012.
  17. ^ "Okta Is Now a Unicorn After $75 Million Funding Round". Recode. Retrieved 2017.
  18. ^ Rao, Leena. "Customer Loyalty and Rewards Program For Local Businesses Belly Raises $10M From Andreessen Horowitz". News. TechCrunch. Retrieved 2012.
  19. ^ Siegler, MG (April 28, 2011) "Investors Don't Just Like LikeALittle A Little, They Like It A Lot." TechCrunch. (Retrieved 6-17-2016.)
  20. ^ "Seed Round - Stripe". Crunchbase. Retrieved 2019.
  21. ^ Gustin, Sam (January 31, 2012). "Tech Boom: Andreessen Horowitz Raises $1.5 Billion VC Fund". Time Business. Time. Retrieved 2012.
  22. ^ Mitroff, Sarah. "Y Combinator shows off 39 companies at Demo Day". News. VentureBeat. Retrieved 2012.
  23. ^ Kelly, Meghan. "Andreessen-Horowitz to give $50K to all Y Combinator startups through Start Fund". Deals. VentureBeat. Retrieved 2012.
  24. ^ "Andreessen Horowitz is pocketing a huge win in the $7.5 billion GitHub acquisition". Recode. Retrieved 2018.
  25. ^ "Microsoft Buys GitHub for $7.5 Billion". Andreessen Horowitz. June 4, 2018. Retrieved 2018.
  26. ^ Chokkattu, Julian. "uBiome Raises $4.5M From Angel Investors, Andreessen Horowitz To Crowdsource Microbiome Research". TechCrunch. Retrieved 2016.
  27. ^ Strauss, Karsten. "Can Pixlee Change Image-Based Marketing? $1.5M On 'Yes'". Forbes. Forbes. Retrieved 2016.
  28. ^ "Oculus Rift ensures additional $75 million to take virtual reality mainstream". SiliconANGLE. Retrieved 2016.
  29. ^ "Big-Name Investors Back Effort to Build a Better Bitcoin". MIT Technology Review. Retrieved 2016.
  30. ^ Primack, Dan (June 27, 2013). "Clinkle raises $25 million to kill Square". CNNMoney.com. Archived from the original on January 13, 2014. Retrieved 2014.
  31. ^ Williams, Alex. "PagerDuty Raises $10.7M Round From Andreessen Horowitz For IT Alert Service Modeled On AWS System". TechCrunch. Retrieved 2016.
  32. ^ Lorica, Ben (September 25, 2013). "Databricks aims to build next-generation analytic tools for Big Data". O'Reilly Media. Retrieved 2019. Italic or bold markup not allowed in: |publisher= (help)
  33. ^ "Website Testing Company Optimizely Raises $57M Round Led By Andreessen Horowitz". TechCrunch. May 5, 2014. Retrieved 2014.
  34. ^ "Venture Capital Giant Andreesen Horowitz Ploughs $90m into Tanium". InfoSecurity Magazine. Retrieved 2014.
  35. ^ Mandaro, Laura. "BuzzFeed receives $50 million from Andreessen Horowitz". USA Today. Retrieved 2014.
  36. ^ Weber, Harrison. "Andreessen Horowitz-backed startup Forward Networks raises $11M". VentureBeat. Retrieved 2018.
  37. ^ Dixon, Chris. "A16Z Invests in Stack Exchange". Retrieved 2015.
  38. ^ Spolsky, Joel. "Andreessen Horowitz Invests in Stack Exchange". stackoverflow.com. Retrieved 2015.
  39. ^ "Distelli Snags 2.8M to Build Deployment as a Service". TechCrunch.
  40. ^ Loizos, Connie. "Onshape Raises $80 Million Led By Andreessen Horowitz". www.techcrunch.com. Retrieved 2015.
  41. ^ Yeung, Ken. "Publishing site Medium takes on $57M led by Andreessen Horowitz". www.venturebeat.com. Retrieved 2015.
  42. ^ C, Hausmann (December 28, 2018). "Crunchbase- Samsara Funding Rounds". www.crunchbase.com. Retrieved 2018.
  43. ^ Russell, Jon. "Improbable Lands $20M From Andreessen Horowitz For Distributed Simulation Tech". TechCrunch. Retrieved 2017.
  44. ^ "An Ex-Googler Launches An In-Home Care Startup Called Honor And Raises $20 Million", Tech Crunch, April 2, 2015
  45. ^ "OpenBazaar is Entering a New Phase with Funding | OpenBazaar Blog". blog.openbazaar.org. Retrieved 2017.
  46. ^ "Introducing OB1 - Union Square Ventures". www.usv.com. Retrieved 2017.
  47. ^ "Andreessen Horowitz to Invest in Nootropics Start-Up", New York Times, December 3, 2015
  48. ^ Loizos, Connie. "This 18-year-old just raised $3.5 million to help developers easily add capabilities to their apps". TechCrunch. Retrieved 2016.
  49. ^ Loizos, Connie. "Everlaw Lands $8.1 Million Series A Led By Andreessen Horowitz". TechCrunch. TechCrunch. Retrieved 2016.
  50. ^ Lora Kolodny, "Cardiogram raises $2 million to predict heart health issues using wearables," TechCrunch, October 20, 2016.
  51. ^ "Series B - Apeel Sciences". Crunchbase. Retrieved 2019.
  52. ^ Lawler, Ryan. "Quixey alums launch Sigma, a platform to bring merits and certifications online". TechCrunch. Retrieved 2017.
  53. ^ Loizos, Connie. "Cadre collects $65 million in Series C funding | TechCrunch". Retrieved 2017.
  54. ^ Roof, Katie. "Health IQ raises $34.6 million for life insurance for healthy people". TechCrunch. Retrieved 2017.
  55. ^ "Andreessen Horowitz leads seed round in MIT-born 'genetic circuits' startup". www.bizjournals.com. Retrieved 2018.
  56. ^ Coldewey, Devin. "Bio-programming toolkit maker Asimov launches with $4.7M from Andreessen Horowitz". TechCrunch. Retrieved 2018.
  57. ^ Loizos, Connie. "Andreessen Horowitz has a new crypto fund -- and its first female general partner is running it with Chris Dixon". TechCrunch. Retrieved 2019.
  58. ^ Dorbian, Iris (March 13, 2018). "Imply grabs $13.3 mln Series A in Andreessen Horowitz-led round - PE Hub". PE Hub. Retrieved 2018.
  59. ^ Davis, Alexander (March 1, 2018). "A Connected-Car Platform Fuels Its Tank With NEA, Andreessen". Retrieved 2018.
  60. ^ "CryptoKitties Wins $12 Million From Investors, Including Early Facebook Believer Andreessen Horowitz". Fortune. Retrieved 2018.
  61. ^ Williams-Grut, Oscar (February 7, 2018). "Andreessen Horowitz is backing a crypto-powered 'internet computer' that could be the future of cloud computing". Business Insider. Retrieved 2018.
  62. ^ "Very Good Security makes data 'unhackable' with $8.5M from Andreessen". TechCrunch.
  63. ^ Menn, Joseph. "Andreessen expands venture capital business". Financial Services. The Financial Times. Retrieved 2012.
  64. ^ Cain Miller, Claire (June 15, 2010). "Andreessen Horowitz Hires a Female Partner". The New York Times. Retrieved 2012.
  65. ^ "Disrupting the disrupters". Technology Quarterly: Q3 2011. The Economist. September 3, 2011. Retrieved 2012.
  66. ^ a b Fielding, Cortney (June 29, 2011). "Larry Summers to join VC firm Andreessen Horowitz". GigaOM. Retrieved 2012.
  67. ^ Tam, Pui-Wing (September 26, 2012). "Andreessen Horowitz's New Political Mover-and-Shaker: Adrian Fenty". The Wall Street Journal. Retrieved 2012.
  68. ^ Gaus, Annie (April 2, 2019). "Andreessen Horowitz, Silicon Valley VC Firm, to Refocus on High-Risk Crypto Bets". TheStreet. Retrieved 2019.
  69. ^ Konrad, Alex. "Andreessen Horowitz Is Blowing Up The Venture Capital Model (Again)". Forbes. Retrieved 2019.

External links


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