Andreessen Horowitz raises $515 million for second crypto fund

Venture capital firm Andreessen Horowitz has raised $515 million for its second fund dedicated to cryptocurrency and blockchain technologies.

Strategy: Like its $300 million predecessor, the fund will primarily back crypto-related startups, but also will buy and hold some crypto assets.

Zoom in: "We're a crypto venture fund, not a crypto hedge fund," said partner Katie Haun, who joined Andreessen Horowitz in 2018 after having been a federal prosecutor involved in the infamous Silk Road case. "We invest in them after evaluating the technologies and don't trade them."

• First fund portfolio companies include Anchorage, Arweave, Celo, Filecoin, and TrustToken.
• Haun and fellow partner Chris Dixon add that the biggest difference between funds is the influx of successful entrepreneurs from adjacent spaces who now are seeking to build on top of crypto technologies — something Dixon refers to as Web 3.0.