Silicon Valley private venture firm Andreessen Horowitz (A16z) closed its fourth cryptocurrency fund at US$4.5bn.
That takes the total invested by the firm in digital currency and blockchain businesses to more than US$7.6bn.
A third of the US$4.5bn will be dedicated to seed investments, according to a statement, while the remaining US$3bn will be geared towards venture investments.
Funds will be used to invest in “promising web3 start-ups at every stage,” which includes games, decentralised finance (DeFi), social media, non-fungible tokens (NFT) communities and many more, said the firm.
According to Cointelegraph, the latest crypto fund is double the size of the third fund and has been in the works since January this year.
Crypto Fund IV comes a year after the launch of Crypto Fund III, and A16z’s relentlessness in crypto investment has led traditional crypto investment firms such as Paradigm to raise enormous sums, according to Cointelegraph.
A16z has a reputation for investing in the ‘latest’ technology, with previous investments in Slack and Instagram.
Founded in 2009 by Marc Andreessen and Ben Horowitz, the firm first entered the crypto world with an investment in Coinbase in 2013.
Since then, it has backed crypto projects Solana and Avalanche as well as Yuga Labs, the company behind the Bored Ape Yacht Clubs NFTs.
In total, the firm has US$33.3bn in assets under management across multiple funds which follows sectors including fintech, games, and healthcare.