Andreessen Horowitz raises $15 billion for new funds
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Venture capital firm Andreessen Horowitz, whose past investments included Airbnb and Coinbase, on Friday announced that it raised over $15 billion for a group of new funds.
Why it matters: This is a major boost to the U.S. venture capital market, which just experienced its weakest year for fundraising since 2017.
The big picture: U.S. firms secured just $66.1 billion for new funds in 2025, down from $101.3 billion in 2024 and well below the 2022 peak of nearly $223 billion, per preliminary data from PitchBook and the NVCA.
- The primary cause was a continued lack of distributions, via either IPO or strategic sales, with investors wanting old money back before putting new money in. That dynamic began to course correct in Q4, which could mean that a16Z is the tip of the spear.
Zoom in: A16z is announcing five new funds. The largest is its fifth growth fund, with $6.75 billion. The others:
- American Dynamism Fund 2 ($1.18 billion)
- Apps Fund 2 ($1.7 billion)
- Infrastructure Fund 2 ($1.7 billion)
- Bio+Healthcare Fund 5 ($700 million)
The firm also secured $3 billion for what it calls "other venture strategies."
What they're saying: Firm co-founder Ben Horowitz published a blog post this morning highlighting familiar a16z themes, including the need for pro-tech policies in the U.S. at a time of rising global competition. He also laid claim to a16z being "the American leader in venture capital."
- "At this moment of profound technological opportunity, it is fundamentally important for humanity that America wins. There is no other country that comes close to giving everyone a chance to grab that opportunity and build. If America fails to win technologically, it will lose economically, militarily, geopolitically, and culturally. And the entire world will lose as well."
