Andreessen Horowitz

“And so, you know, if you look at our best performing venture funds, Over time, I think the loss rate is 60% or so.”

“Actually, very famously a year and a half ago or so, we went to our fund one LPs. At that point in time, the fund one was 16 years old, and we had this position in Stripe that we invested at the seed stage. And we asked all of our LPs, like, hey, do you want l…”

“We tried Overclip. I think it's the A-sixteen Z backed company that does clipping. It wasn't very good.”

“I think that we would happily take a bet on a product that doesn't have a quote unquote moat or durability story. If it has, you know, a lot of momentum, a lot of craft, a lot of, you know, sort of growing engagement.”

“I think today we're almost seeing the opposite problem where, you know, an idea that's too small is not something that we want to engage with, and you can talk about how you put a hundred billion dollars to work in the seed productively.”

“And for those who don't know, it was a video game company for one or two or three years and it sucked. And he was gonna give his money back to Andreessen Horowitz and they're like, dude, I don't care about this money, figure it out, just do something.”

“Across the A-sixteen Z portfolio... Best companies spending on tokens per month relative to human compensation... High single digits, some at 10%, like some of the very AI native ones, like 10% plus. And so, you know, and then old economy companies are spendin…”

“Our most sophisticated engineers, you know, were doing whatever, 20% of their code, you know, with AI to like, you know, whatever, 90 plus.”

“I don't know the actual numbers, but I was trying to estimate it over the weekend. So I think we'd get, you know, maybe five percent of the deals from top founders would come in, would be harder before. Now it's the north of 20% or 30% right now.”

“GrokBot got really right is, no, how about if it's actually an employee? So now you have this thing that's an entity, and it doesn't have, like, special access to your keys or whatever. It has its own computer, and it has its own browser, and because these are…”

“I mean, they got to over 50% of the Fortune 500 and I think faster than anyone we've ever seen.”

“They actually beat every forecast they ever gave us”

“I mean, our simple rule is if you cannot justify acquiring the customer through sales, which usually means a 15 K ACV, you have to acquire them through marketing. We think of them as a consumer, which is most small business owners. So I think that the plumber …”

“Like, it's disqualifying to not be showing a live product in a pitch at any stage these days because it's so trivial to build stuff.”

“The Department of Justice of the United States of America is investigating Andreessen Horowitz for conflicts of interest.”

“I gotta say, I don't think this is going anywhere.”

“The cursor was decent. It was like an appetizer, but SpaceX was the main course. That's like 15, seventeen billion.”

“We're investors in a company, Taco, which does sort of payroll, HR workflows across Brazil, but their bigger mission is really cutting down bureaucracy in Brazil. And one of their founders was previously the founder of Rappi teamed up with another Fernando fou…”

“Like, we actually ran the stats, and out of our apps, 40% of our investments were in international founders. You know, half of them were based here, half of them were based in other countries.”

“But my guess is it peters out into some version of the venture firm just saying, we'll take off the board member on Fivetrans, whatever, right?”

“This is, this has actually informed our investment thesis in a few investments recently.”

“And so, you know, if you think about like the top right would be proof travels in this market and it's high buyer exposure and high, you know, high buyer risk. And that's a lighthouse market, right? Just to be clear. And the bottom left would be, you know, low…”

“There are certain companies, I think that actually do just stay lighthouse the entire time. And like, that would be like, I'm trying to think of like the best example might be like applied to tuition in our portfolio. Like there's, there is a very, you know, s…”

“If we did it business at Uber, my 2017 would have been a different year.”

“In this particular case, Yuri was almost coming over the top, so we got to three 75, with a three seven hundred seventy five million pre, with a 16 Z. Yuri almost came in at 400, but he was like, nah, I can't do it.”

“And he said, look, I know we talked about three 75, but went to the partnership. They don't agree, or they just didn't think it was the right number. We're the best we're going to be able to do is two 10.”

“Ok, but, like, I just assumed we were doing the deal, and then the next thing I knew Shervin had the deal, and I was like, jeez.”

“And the deal on Lyft was two 10.”

“There was also this other thing that would happen, so this is like, 2000, I think this really started in 2014, 15, et cetera, is Emile and I would meet up with Mark and Ben at this, Super undercover restaurant.”

“When we started the firm, we were the upstart, and I talked just fucking crazy shit about the other VCs, and this and that, and, you know, call them bitches. But, like, at some point, like, I could feel it turning, and I remembered what happened to him, and I …”

“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.”

“Senra Systems officially closed our Series B fundraising for sixty-five million dollars. We had Lower Carbon, Interlagos leading the round with a lot of our existing investors coming into the mix, such as Sequoia, Founders Fund, General Catalyst Andreessen Hor…”

“So we're able to take a company like Flo, Adam Newman's company, bring him to Saudi Arabia, introduce him to the right people in the government, introduce him to the right people in business, introduce him to the right investors,”

“From our standpoint, it's very powerful. When we, when they're a strong ally of the US, we've got a relationship with the people in government, we've got a relationship with the people in business, we've got a relationship with the investors, you know, cause t…”

“We're not raising money for somebody who's not part of our firm, our culture, our mission, and having them go run a play. That, that, that's just not us.”

“But I think a lot of these firms, they have just become alternative asset managers. And like, that is what they are. And they have venture products, but they are not venture capital firms. And that's, that, that's not me being like, oh, they're not VC firms be…”

“I think what you've done with the media strategy for Andreessen Horowitz, I mean, you guys are literally executing on looks maxing the VC world essentially, right? Like you guys have your own propaganda arm, just pushing out your view of the world.”

“Like, us as a firm, like, technically, I'm really the CEO, but, like, Mark is more the brand, I would say, in terms of he just does way more media than I do. And that works, but it works because it's Andreessen Horowitz, and nobody knows the fucking difference…”

“A reasonable portion of the brand that we built was just responding to people attacking us”

“I actually think the public markets may be shifting back in this direction. And a lot of the companies in our portfolios are now thinking about going public at a billion or three billion or five billion. We had this period of a decade where Andreessen was real…”

“Maybe, maybe you can theorize that there will be agents that will sit at Andreessen Horowitz and whoever else, your funds, but I think the human will always have to be there”

“We actually did a similar analysis where we looked at all of the VC backed IPOs that happened over the last six years. And if you sum all of them up, they're A little over a trillion dollars. Like that's probably gonna be smaller than any of the three of the l…”

“First of all, like right now, you have to be in the token path. Like that is the number one thing that we're looking to for our companies.”

“If the space happens to not work out and we have the leader, no harm, no foul. Actually, that's part of our business. That's what we should be doing. The bad box of what I described is the space works out and we pick the wrong one.”

“Cursor, as an example, is, you know, billions of dollars of revenue. And they're very small, and it's very early in their life.”

“For them, like, a Forex return, they're like, why are you wasting our time? Like, they need that 102 hundred X return.”

“There was an article in the New York times this week, which really surprised me, but the largest donor in the, in this election cycle is Andreessen Horowitz.”

“They're marching towards a trillion. They're going to be the next Blackstone, which I think is an incredible feat.”

“The objective function of a fund is how do I generate the most carry with the fewest people in the shortest amount of time possible? And a firm, you know, you have to deliver exceptional returns, which is sort of a prerequisite for doing that well. But I think…”

“At our leading edge companies, estimates are the leading edge programmers are like 20 X more productive than they were a year ago.”

“You're gonna decide that those people who are sacrificing their lives, putting their lives on the line to protect us, don't get the best technology? Like, I'm not doing that. I'm not doing that. So, like, you don't have to work here if you want to do that.”

“Power is sort of a feature of our offering is the way I think about it.”

“We do all the little things to make sure that our overall behavior isn't we're the powerful and you're the weak because, you know, that obviously would be a short ride for our firm at the top.”

“And so I think what we have now is large firms who can cover all the technological areas, and then specialized firms that are, ok, I'm a specialist in AI infrastructure, or I'm a specialist in bio, or I'm a specialist in crypto, or I'm a specialist in games, b…”

“Sitting on the board of a bunch of infrastructure companies, some that have been flat for a while. They're all doing fantastic because there's so much software.”

“Like Andreessen Horowitz, USV, Fred Wilson is on our board and a lot of other, like, really, you know, awesome investors.”

“I don't feel like the reason it's hard to compete with X or Y or Z company is how long it would take you to write the code to replicate the product. It's almost never the problem. It's the problem. The hard part is everything else. It's working out what the pr…”

“When I got to A-sixteen Z as a general partner, the first thing I did is I sat down with Mark and Ben and said, we need more compute. We need compute access for these incubations I'm going to do. And they said, no problem, Ansh, let's set up a program. What do…”

“I think every time we passed on a promising venture company over price, I think it's been a mistake.”

“There's nothing that we're missing today that we could solve by going public.”