Andreessen Horowitz raises $4.5bn across two funds

The VC raised $1.3bn for its Fund VII, an early-stage vehicle dedicated to investments in consumer and financial services technologies; and $3.2bn for its Growth Fund II, a growth-stage vehicle that invests across the consumer, enterprise, financial technology, biotechnology and cryptocurrency sectors.

Growth Fund II supports both companies that are already part of the firm's portfolio and businesses that have not received previous backing. The fund targets companies with a demonstrated product-market fit and that have the potential to expand their go-to-market footprint.

The two funds are larger than their predecessors: Fund VI, a $750m flagship early-stage fund, and Growth Fund I, the firm's debut vehicle in the late-stage space – which were both closed in May 2019.

Founded in 2009 by Marc Andreessen and Ben Horowitz, the firm – also known as a16z – is headquartered in Menlo Park with an additional office in San Francisco.

The closings of Fund VII and Growth Fund II brings Andreessen Horowitz's total assets under management to nearly $16.5bn.

In addition to numerous US investments, the VC has recently backed several European technology companies, including London-based international money transfer service TransferWise, which has been valued at $3.5bn; Finnish-Icelandic gaming company Mainframe Industries, which raised a €7.6m series-A round in April 2020; and Rasa, a German provider of standard infrastructure for conversational artificial intelligence, which raised a $26m series-B round in June 2020. 

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