Andreessen Horowitz Raising a Sports-Based Fund

Andreessen Horowitz Raising a Sports-Based Fund

Video games are familiar territory for the firm: It led a $150 million funding round in February 2020 for online game creation platform Roblox, valuing the company at $4 billion. 

It was included in a $20 million Series A round in July for Virtually Human Studio, the developer behind blockchain-based digital horse racing game “Zed Run.” The same month, it led a $100 million Series B round for Open Sea, an auction platform for NFTs. Earlier this month, the firm led a $40 million round for fantasy sports startup Sleeper, valuing the company at $400 million. The same week, it led a $300 million Series E round for SpotOn, the parent company of Appetize, a payment platform that covers 65% of all major U.S. league sports stadiums. 

Andreessen established a $2.2 billion crypto fund in June for blockchain-based startups, its largest to date. The firm currently has $19.2 billion in assets under management.

Story Highlights

  • The new fund marks the sixth for Andreessen Horowitz in the last 18 months and allows the firm to broaden its reach in a global video game industry valued at more than $300 billion.

  • Andreessen Horowitz has made a series of sports- and video game-related investments over the past year.