At the moment, Andreessen Horowitz is among the most prolific venture capital investors in the tech ecosystem. Just in the past eight days, the venture firm has announced six deals covering everything from bitcoin to crowdfunding to digital health. And the bets have often been on the larger side in terms of dollars invested. In what is the largest bitcoin deal to-date, the firm led a $25M Series B deal to Coinbase then followed it up with an even bigger bet on virtual reality, leading a $75M investment into Oculus VR.
With rumors that Andreessen Horowitz’s fourth fund may be around the corner, we wanted to take a look at the size of the firm’s deals by stage over the past few years and how they compared to those of a couple other mega venture funds. The data, in full, below.
Since the start of 2010, Andreessen Horowitz has participated in well over 200 deals. Among our top-rated Investor Mosaic AAA and AA-rated firms, Andreessen Horowitz has completed the second-highest amount of first-time investments into companies at the early-stage (Seed/Series A). As shown in the chart below, less than 1/5 of A16Z’s first-time deals came at the Series B stage or later.
But when we peel back all of the firm’s first-time and follow-on investments by stage, we see that A16Z tends to participate in larger sized rounds than its comparable firms at the Series B and above. While some of their Series A deals that are large in size do grab attention, the firm’s Series A median deal size is actually smaller than those of NEA. The chart below shows the median deal size over the past three years by stage for the three funds, highlighting the wide gap in late-stage deal size by A16Z.
Looking at average deal size by stage for the three mega funds reveals an ever bigger difference in the proportion of late-stage bets. Bolstered by participation in huge rounds to Pinterest, Zulily and Fab among others, A16Z’s average Series D+ round size since 2010 comes in at nearly $90M, 143% larger than that of NEA’s over the same period. Interestingly, while all three firms have been actively developing seed portfolios, their average and median seed deal sizes are largely in-line with each other although Andreessen Horowitz does see a slightly higher average seed deal size than NEA and Greylock.
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