a16z Crypto to Drop "Crypto" From Its Name, Rebrand as a16z Frontier: The Information
The nearly $10B crypto investor reportedly plans to look beyond crypto as GP Ali Yahya departs.
Andreessen Horowitz's a16z crypto has told some of its limited partners that it plans to rename itself a16z frontier and broaden its investment strategy beyond crypto, The Information reports, citing a person briefed on the matter.
What's the Scoop?
The Exit: General partner Ali Yahya has also told some investors he is leaving the firm to work on his own startup. Yahya joined a16z in 2017 as the crypto team's first full-time member and was promoted to general partner in 2021.
Already Drifting: a16z crypto has already backed non-blockchain startups such as Kalshi and AI compute marketplace Ornn. The rename would come five months after the firm raised $2.2B for its fifth crypto fund, less than half the size of its record $4.5B fourth fund from 2022.
Not the First: Paradigm made the same turn in July, when its $1.2B fourth fund expanded into AI and robotics, as Framework Ventures and Haun Ventures also widened their mandates. Schwartz called a16z's move "a symbolic shift for one of the most prominent crypto venture operations," given that Chris Dixon has long been a public face for the Web3 movement.
Still Unconfirmed: a16z, Dixon, and Yahya hadn't commented publicly as of Thursday morning. Dixon's a16z crypto bio still lists him as founder and managing partner of a16z crypto.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
