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A16z shows off deep crypto pockets

Andreessen Horowitz’s crypto team has a new $2.2 billion fund and isn’t afraid to use it.

By James Thorne & Jordan Rubio

Published

Andreessen Horowitz‘s crypto team has a new $2.2 billion fund and isn’t afraid to use it.

This week, the VC firm co-led a more than $260 million round for CoinSwitch Kuber, a cryptocurrency trading platform, at a $1.9 billion valuation. A16z also led a $152 million Series B for Sky Mavis, the maker of NFT game Axie Infinity, which reportedly valued it at $3 billion.

In 2021, a16z has participated in eight mega-deals of $100 million or more for crypto startups, a step-change from the far smaller deals of recent years. This activity reflects how late-stage cryptocurrency and blockchain deal sizes have swelled in 2021.

As a16z’s crypto checks have grown, so has the portfolio’s geography. Axie Infinity is headquartered in Vietnam and CoinSwitch Kuber is based in India, where the government is considering new laws on cryptocurrencies.

Click on the image below to see an interactive chart.

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About James Thorne

James Thorne is a Seattle-based managing editor overseeing PitchBook’s venture capital coverage and data journalism initiatives. He previously reported for GeekWire, Reuters, CNBC and Source Media. A native of Colorado, James graduated from Boston College and received his master’s degree in business journalism from New York University.
About Jordan Rubio

Jordan Rubio is a Seattle-based data visualizations editor at PitchBook. He previously worked at the Houston Chronicle as a data journalist and at the Victoria Advocate as a digital editor. A native of Jacksonville, Fla., Rubio graduated from TCU.