Andreessen Horowitz plans to rename its a16z crypto fund to a16z frontier and invest more widely beyond blockchain, where it has already backed companies like prediction market Kalshi, according to The Information. The crypto unit has raised close to $10 billion over five funds, but its newest one, a $2.2 billion fund from May, was under half the $4.5 billion it raised in 2022. Haun Ventures and Paradigm, two other leading crypto investors, widened their mandates this year too, and Paradigm said its latest $1.2 billion fund will back AI and robotics startups as well. General partner Ali Yahya, the crypto team’s first full-time hire in 2017, is also leaving a16z to start his own company.
