(Bloomberg) -- Andreessen Horowitz raised $9 billion to invest in a wide range of startups, completing one of the largest fundraising campaigns in venture capital.
The money is parked in three new funds, the firm said Friday. More than half sits in a growth fund targeting more mature startups. The rest is distributed between a general venture fund and one specializing in biotech and health.
The fundraising effort exceeds one Sequoia Capital completed in 2020 that raised about $7 billion. With the new cash, Andreessen Horowitz's total assets under management is now more than $28 billion.
At 12 years old, Andreessen Horowitz is young compared with the 50-year-old Sequoia, but it faces an army of new competitors. Many are capitalizing on the rush to crypto, including one from a former Andreessen Horowitz partner, Katie Haun.
Crypto is a focus for Andreessen Horowitz, too, and it has a $2.2 billion fund separate from the new trio. Some of the just-raised cash, particularly in the growth fund, could be invested in crypto, the firm said.
The firm didn't identify any of the investors in the new funds, but backers of past funds include Princeton University and Yale University.
The funds were disclosed in a blog post Friday by Ben Horowitz. The co-founder and his business partner Marc Andreessen have in recent years taken a less active role in day-to-day operations, and Horowitz moved to Las Vegas from Silicon Valley, where the firm is based, Bloomberg Businessweek reported last month. The pair responded to the article on Twitter, asserting that they're still deeply involved in the firm.
Horowitz concluded his blog post Friday with this message: “We look forward to being part of a very bright future with you.”
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