Media reports that a16z plans to raise $4.5 billion across two new crypto funds

Venture-capital firm Andreessen Horowitz (a16z) aims to raise up to $4.5 billion across two new crypto funds, according to the Financial Times.

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According to the publication, the firm told investors that it would raise $3.5 billion for a venture fund and another $1 billion for seed investments in the Web 3.0 space. The plans are expected to be confirmed in March.

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If realized, this would mark the largest amount raised to date for investing in projects in the industry.

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In June 2021, a16z launched its third crypto fund in size of $2.2 billion.

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In November of that year Paradigm announced the creation of an investment fund with assets of $2.5 billion to back “next-generation” projects in digital assets. Hivemind Capital Partners, the firm of former Citi executive Matt Zhang, raised $1.5 billion for a similar vehicle.

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In January, the FTX exchange launched a venture arm with a budget of $2 billion to invest in crypto startups.

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Earlier, former a16z partner Katie Haun, who left the firm to pursue her own project, is planning to raise $900 million for two crypto funds.

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Her vehicles have already backed several startups, including the NFT platform Autograph in a $170 million investment round, led by a16z and Kleiner Perkins.

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