May 15, 2020 - Economy

Andreessen Horowitz leading deal for voice chat app Clubhouse

Illustration of headphones in the shape of money — Illustration: Sarah Grillo/Axios

Clubhouse, the voice chat app that's captivated Silicon Valley's elite, has agreed to a new $12 million investment led by Andreessen Horowitz, Axios has learned from multiple sources.

Why it matters: Several top-tier venture capital firms competed for the deal, with some even offering more than the $100 million valuation Clubhouse secured from Andreessen Horowitz. They view the app as a cross between Slack and sports talk radio, with users able to drop in and out of conversations.

Andreessen Horowitz partner Andrew Chen will take a seat on Clubhouse's board.
The firm might have strengthened its position over the weekend, when it recruited comedian Kevin Hart to sign on for a few minutes.

The bottom line: What made this deal particularly interesting is that it's largely played out on Clubhouse, which remains invite-only for now, over the past couple weeks.

The only way to really understand the app is to use it, so venture capitalists (including from Andreessen Horowitz, Benchmark, and Greylock) have been holding court — conducting due diligence in plain sight.

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Andreessen Horowitz leading deal for voice chat app Clubhouse

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