The Ledger
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a16z's larger venture funds consistently outperform its smaller funds
“Our funds consistently beat small, large, Diversified, concentrated venture funds. So our larger funds have outperformed our smaller ones, and our larger ones actually have similar multiples of money to our smaller ones across, across strategies.”
Siroker: Top VC funds will break ownership minimums for hot startups
“Yeah, the best investors benchmark and recent, they will invest less than their supposed minimums for the right company.”
Lacaillade: Founders Fund, a16z, Greenoaks, and Thrive proactively marked down valuations
“In my core relationships Founders Fund's the most extreme, because Peter Thiel's very contrarian and he wants to reset the mindset of his team. Which I think is great. But Andreessen Horowitz, Green Oaks Thrive, they've all proactively marked down their compan…”
Lemkin: Andreessen Horowitz has achieved top-decile VC fund returns
“The returns were published. The returns are top decile. So you have the biggest fund, the top decile returns or quartile, whatever, top tier, which used to be a knock. And founders love this brand.”
Winning AI applications are growing three times faster than predecessor SaaS startups
“For most of these companies that we've backed, these winning apps, they're growing faster, three X faster, you know, than predecessor SaaS and cloud companies.”
Dixon: a16z Has Never Pivoted Strategy, Investing in AI Since 2013
“We are, we don't pivot at A-Six-Z, like we've never pivoted. We have all, you know, we've done AI for 10, since I've been at the firm, since 2013, we've done blockchain, crypto consistently, we've done bio, we've done SaaS, we've done video games.”
Stebbings: Andreessen Horowitz Will Keep Raising Billions on 12% Return Expectations
“I think to your point, though, that the 10, 12% being good enough, I think that's exactly why Andreessen respectfully will continue to thrive and raise billions and billions of more dollars, because compared to the six or seven percent net that they're getting…”
Jordan: Instacart lost $20-$25 per order when a16z first invested
“From recollection, they were billing something like 10 or 12 dollars per order when we invested, and they were losing 20, 25 dollars per order on each one”
Casado denies doing billion-dollar Series B rounds or overpaying for deals
“I've never done any of these billion dollar bees. I've never done, you know, some strange non-competitive deal where it's an outsized price. Normally in any competitive deal that you've seen I'm almost always on the low end.”
Horowitz: Andreessen Horowitz faced criticism for marketing VC before competitors copied it
“It was basically known as a given that you did not market Venture capital firms. Nobody had ever marketed their venture capital firm in any kind of context, and it's definitely the decision we got the most criticism for before everybody copied it”
Top VC firms will be forced to adapt to new funding models
“Sequoia, Benchmark, Andreessen Horowitz, they're not going away anytime soon. This isn't like, we're out to beat them and kill them. Not in the same way Airbnb is not going to delete hotels overnight. It's going to change how hotels work. I think that's a bett…”
a16z Seeded Fred Turner's Startup With $1.65M Without A TAM Calculation
“Their bio fund did our seed round right out of YC, and I don't think they did the TAM calculation. They were like, oh, this sounds interesting, and then they did the round. It was a small round, it was like, 1.65 million.”
O'Driscoll: Andreessen Horowitz has invested at least $500M into Databricks
“For that guy, you probably, I'm willing to bet they have the guts of a billion dollars in that deal. Could be wrong. Half a billion at least.”
Andreessen Horowitz passed on Postmates four or five times
“I pitched him four times or five times the entire firm with Postmates. They were smart enough to say no”
Lemkin: Andreessen Horowitz Has Generated 3.5x Blended Net Returns Historically
“If you look at the overall numbers for Andreessen, I'm shocked at how wildly successful Andreessen has been across these funds as they've grown. Wildly successful. That their blended returns are like, 3.5 X net after all these years.”
a16z gives sponsoring GPs final authority via single trigger-puller model
“Just like we do at the venture fund, we have a single trigger-puller model, though. We have discussions and deep, robust discussions about investment decisions, but it's ultimately the call of the GP who's sponsoring the investment.”
Andreessen Horowitz fines team members $10 per minute for tardiness to meetings
“We find people basically, if you're on time, but if you're late, it's 10 dollars a minute for a meeting with an entrepreneur.”
Coelius: Mega VC firms are taking platform bundling to a higher level
“If you look at what Andreessen is doing and you look at what the number of the other big platforms are doing, they're taking venture to a whole even higher level of bundling where they're saying, look, we're going to basically use the sort of returns that come…”
Okta was Andreessen Horowitz's first fund investment check in 2009
“We were the first check that they wrote out of their first fund. In the summer of 2009 was into our seed round, and then obviously they led our series A in 2010.”
Staniszewski: a16z connected ElevenLabs with celebrities before investing
“A-sixteen Z was phenomenal. They did exactly what we spoke about, which was, they've shown us that they cared before they invested. They introduced us to incredible people, to some celebrities to work on the voice licensing. So they were like on it for two wee…”
Lemkin: Andreessen Horowitz received a 1x return on its Loom investment
“When Loom sold and Andreessen invested at one And they got their one ex back in a year.”
Sunak: a16z, Palantir, OpenAI, and Anthropic are establishing UK offices
“Andreessen Horowitz, you know, all the world's most successful VC investors opening their first international office here in the UK. And that just comes on the back of Palantir saying that they're going to do their AI headquarters for research here in the UK. …”
Hans Tung: Andreessen Horowitz limits global expansion due to operational complexity
“They're not trying to go global. They do mostly in primarily US and they will dabble here and there, but primarily focus on the US market because it's operational heavy to scale their model.”
Hans Tung: Andreessen Horowitz limits global expansion due to operational intensity
“And you talk to fine folks at Andreessen, they're not trying to go global. They do mostly in primarily US and they will dabble here and there, but primarily focus on the US market because it's operational heavy to scale their model.”
McKinnon: Okta was Andreessen Horowitz's first VC fund investment
“Like we were their first investment actually as a fund.”
Destin: Andreessen Horowitz Industrialized Venture With Corporate and Recruitment Networks
“And then number two, of course, is Andreessen Horowitz. You're the badass operators who come into venture and say, nobody in venture is a true operator. So we are going to build an operating company to help build startups. And so half or more of the organizati…”
Mazzeo: Andreessen Horowitz modeled its VC platform team on CAA
“As you've seen firms build out and scale up, And hire a lot of people to sort of better help, largely based on the CAA model in Andreessen's case to better help service clients by surrounding them with experts in hiring and marketing and distribution and busin…”
Lemkin: Andreessen Horowitz tripled its money on Skype in 12-14 months
“And the reason it was a structurally weird deal where they got a good deal. Now they took risks. Skype was a aging platform, but they bought it from eBay, right? Is that eBay needed to divest it? They had enough of it. There was no synergy and Andreessen went …”
Gurski: Competitor Glow raised $30M from top VCs before Flo launched
“They raised from Anderson Horowitz and Founders Fund, thirty million, almost immediately. They started three years before Floor”
TripActions Raised Over $980M From Lightspeed, a16z, and Zeev Ventures
“To date, Ariel has raised over nine hundred and eighty million dollars for TripActions from some of the best in the business, including Lightspeed, Auron's Eve, and Andreessen Horowitz, to name a few.”
Andreessen Horowitz's Early Investment Team Was Mostly Product Managers
“What I loved about A-Six-Z is that everyone had operating experiences of different kinds, especially on the investment team, which was mostly made up of PMs at the time.”
Polychain grew AUM from $4M to over $200M within two years
“Having founded the firm less than two years ago with Four million under management in their initial fund. Polychain now has over two hundred million under management, with backing from the likes of Sequoia, Founders Fund, Andreessen Horowitz, and USV, just to …”