American private venture capital firm Andreessen Horowitz (a16z) announced it has attracted $515 million for its fund that will be used to invest in crypto networks and businesses.
The newly-formed fund will reportedly be focused on next generation payments, modern store of value, decentralized finance (DeFi), Web 3 and other digital areas.
"We think it’s important to keep investing in the long-term development of the internet to address the needs of the coming decades," the fund said in the announcement.
It is still unknown whether the fund has already selected projects it wants to focus on.
Back in 2014, a16z managed $4 billion in assets after the closing of its fourth fund at $1.5 billion. In addition to Andreessen and Horowitz, the firm’s general partners include John O’Farrell, Scott Weiss, Jeff Jordan, and others.
In 2018, Andreessen Horowitz rolled out a $300 million fund for investments in cryptocurrency-related companies and protocols. The investment fund was named "a16z crypto."
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