Andreessen Horowitz leading deal for voice chat app Clubhouse
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.