Andreessen Horowitz Raises $1.5 Billion in Two New Funds
- By PUI-WING TAM
Venture-capital firm Andreessen Horowitz, which has helped fuel Silicon Valley's latest Web boom with investments in hot companies from Facebook Inc. to Twitter Inc., said it has raised two new funds totaling $1.5 billion, in one of the larger fundraisings in the venture-capital industry.
The new funds cement the status of Andreessen Horowitz, founded by Netscape co-founder Marc Andreessen and former Opsware Inc. chief executive Ben Horowitz, as one of the fastest-growing Silicon Valley venture-capital outfits.
Since its founding in 2009, Andreessen Horowitz has raised a total of around $2.7 billion, including a $300 million fund in 2009, a $650 million fund in 2010, and a $200 million co-investment fund last year. The firm has also bulked up its staff, adding new venture capitalists such as former OpenTable Inc. CEO Jeff Jordan, among others.
"There's a tremendous amount of opportunity and it warrants the money we've raised," said Mr. Horowitz of the new funds, which he added were raised in three weeks.
The two new funds consist of a $900 million main vehicle and a $600 million parallel fund, said Mr. Horowitz. The parallel fund will be deployed opportunistically, he added. Andreessen Horowitz's two previous main funds are either fully invested or close to fully invested, he said.
The new funds come as much of the venture industry has struggled to raise money. While brand-name venture firms have been able to raise new funds, other firms are shrinking. Venture fundraisings of more than $1 billion are rare.
Overall, according to Dow Jones LP Source, U.S. venture capital funds raised $16.2 billion across 135 funds in 2011, up 5% in capital from 2010—but down 12% in the number of funds that won commitments. Annual fund-raising is now just over half the 2008 total, said LP Source.
Andreessen Horowitz has attracted some criticism for driving up the prices of venture deals. Last year, among other deals, the firm invested in Twitter shares in a private transaction that valued the micro-blogging company at around $4 billion, up from $1 billion in 2009. It also invested in hot start-ups such as online room rental company Airbnb Inc.
Mr. Horowitz said the proof of the firm's strategy would be "in the results," adding that entrepreneurs have been clamoring to work with the firm.
Mr. Andreessen said opportunities keep arising because "innovation cascades and we keep finding new layers to invest it." He said the new fund, as with previous funds, will largely be focused on technology and not on other sectors like clean technology or healthcare.
COPY : http://online.wsj.com/
The new funds cement the status of Andreessen Horowitz, founded by Netscape co-founder Marc Andreessen and former Opsware Inc. chief executive Ben Horowitz, as one of the fastest-growing Silicon Valley venture-capital outfits.
Since its founding in 2009, Andreessen Horowitz has raised a total of around $2.7 billion, including a $300 million fund in 2009, a $650 million fund in 2010, and a $200 million co-investment fund last year. The firm has also bulked up its staff, adding new venture capitalists such as former OpenTable Inc. CEO Jeff Jordan, among others.
Associated Press
Marc Andreessen, left, and partner Ben Horowitz in their Menlo Park, Calif. office.
The two new funds consist of a $900 million main vehicle and a $600 million parallel fund, said Mr. Horowitz. The parallel fund will be deployed opportunistically, he added. Andreessen Horowitz's two previous main funds are either fully invested or close to fully invested, he said.
The new funds come as much of the venture industry has struggled to raise money. While brand-name venture firms have been able to raise new funds, other firms are shrinking. Venture fundraisings of more than $1 billion are rare.
Overall, according to Dow Jones LP Source, U.S. venture capital funds raised $16.2 billion across 135 funds in 2011, up 5% in capital from 2010—but down 12% in the number of funds that won commitments. Annual fund-raising is now just over half the 2008 total, said LP Source.
Andreessen Horowitz has attracted some criticism for driving up the prices of venture deals. Last year, among other deals, the firm invested in Twitter shares in a private transaction that valued the micro-blogging company at around $4 billion, up from $1 billion in 2009. It also invested in hot start-ups such as online room rental company Airbnb Inc.
Mr. Horowitz said the proof of the firm's strategy would be "in the results," adding that entrepreneurs have been clamoring to work with the firm.
Mr. Andreessen said opportunities keep arising because "innovation cascades and we keep finding new layers to invest it." He said the new fund, as with previous funds, will largely be focused on technology and not on other sectors like clean technology or healthcare.
COPY : http://online.wsj.com/
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