The Andreessen Horowitz (a16z) $2.2 Billion Crypto Fund III and What it Means for Africa

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[Op-Ed]

Andreessen Horowitz, the most active and popular venture capital firm in Silicon Valley, recently announced the new fund – dubbed Crypto Fund III – to invest in crypto projects.

The $2.2 billion fund ranked among the company’s largest fundraisings, only surpassed by its $3.2 billion later-stage investments growth fund which was announced in late 2020.

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With total assets under management now totalling to about $20 billion, a16z is undoubtedly one of the largest VCs in the world.

a16z impact however is better felt when you consider its list of portfolio companies. The VC has invested in a plethora of industry-vertical startups – from bio and consumer startups, to crypto and enterprise companies – with very successful exits.

Below is a list of just some of a16z’s most successful exits:

  • AirBnB
  • Asana
  • DigitalOcean
  • Boku
  • Box
  • Facebook
  • Groupon
  • Lyft
  • Pinterest
  • Zynga
  • Coinbase
  • Slack
  • Bebop – Acquired by Google
  • Amiato – Acquired by Amazon
  • Bracket – Acquired by VMware
  • Clipboard – Acquired by Salesforce
  • Flutter – Acquired by Google
  • Instagram – Acquired by Facebook
  • Kno – Acquired by Intel
  • Lytro – Acquired by Google
  • Oculus VR – Acquired by Facebook
  • Pixate – Acquired by Google
  • RHL – Acquired by Google
  • Skype – Acquired by Microsoft
  • Swell – Acquired by Apple
  • Twice – Acquired by eBay
  • Urban Engines – Acquired by Google
  • wit.ai – Acquired by Facebook

Below is a look at its crypto portfolio investments:

  • Maker
  • Near
  • Oasis Labs
  • Open Bazaar
  • OpenSea
  • Orchid
  • PolyChain Capital
  • Protocol Labs
  • Rally
  • Celo
  • Solana
  • Talos
  • Acnhorage
  • dfinity
  • Compound
  • Eco
  • Element Fi
  • Axoni
  • Ava Labs
  • Chia
  • Aleo
  • dYdX
  • Foundation
  • Gold Finch
  • Handshake
  • Harbor
  • Keep
  • Diem
  • Dapper Labs
  • Coinbase
  • TradeBlock
  • TrustToken
  • UniSwap

The latest investment by a16z is the $65 million raise by decentralized exchange, dYdX.

Across Africa, a16z’s direct influence and impact can also be felt. Some of its tech investments building for the continent include:

Speaking about Crypto Fund III, a16z said:

“The size of this fund speaks to the size of the opportunity before us: Crypto is not only the future of finance but, as with the Internet in the early days, is poised to transform all aspects of our lives.

The history of crypto shows that asset prices may fluctuate but innovation continues to increase through each cycle. We’ve never been more excited about where crypto is headed and we’re going all in on the talented, visionary founders who are determined to be part of crypto’s next chapter. If you’re one of them, we’d love to hear from you.”

                           – a16z

a16z says that it invests at all stages and asset types, regardless of market conditions and across all geographies. Its investments also cut across all areas of crypto including infrastructure, new layers, DeFi, NFTs, DAOs, tokens, and Web3 apps, including ‘new ideas that don’t have names or categories yet.’

“Crypto is a global phenomenon, and we invest everywhere.” ~ a16z

With Africa already becoming one of the leading continents when it comes to crypto adoption, there is no doubt that VCs and hedge funds like a16z will also be looking at the continent’s innovations in this area.

This is a truly exciting time for crypto on the continent and the Crypto Fund III is likely going to a part of Africa’s promising crypto future.

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