Andreessen Horowitz raises $4.5B for fourth cryptocurrency fund amid market slump

Silicon Valley-based venture capital firm Andreessen Horowitz, has raised capital for its fourth cryptocurrency fund amounting to $4.5B, bringing its total crypto/web3 fundraisings to more than $7.6B, according to a release Wednesday. Approximately $1.5B of the new funds will focus on seed investments and $3B will be dedicated to venture investments, a16z said. Andreessen Horowitz, who has been investing in the decentralized space since 2013, said it will use the fund proceeds to invest in "promising web3 startups at every stage." Specifically, a16z is paying attention to the developments in web3 games, decentralized finance ("DeFi"), decentralized social media and layer 1 and layer 2 infrastructure. "We think we are now entering the golden era of web3," a16z highlighted. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users. More importantly, a massive wave of world-class talent has entered web3 over the last year."