Andreessen Horowitz led only two seed rounds for billion-dollar AI startups
Max Altman · 20VC: Max Altman on The New Seed War: Can Anyone Compete with Sequoia and a16z | Leaving $2BN on the Table with Reddit | Lessons from Backing Rippling at $25M Post | Why Climate Tech is a Mirage and Disaster · Nov 21, 2025 · at 29:12
Max Altman refutes the notion that multi-stage giants like Andreessen Horowitz and Sequoia Capital capture all the top AI seed deals.
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“Of the first 40 of them, only one person had two lead checks, and that was Andreessen, and no one else had two, and if you look through the smattering, there are, you know, Green Oaks is in there, a lot of Gill's in there, but there's a lot of other random people. And there's really not something where Sequoia and Andreessen is taking up half of those lead checks at the seed.”
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