Happy Fourth of July!
Let’s celebrate entrepreneurs and venture capitalists who embody economic freedom!
Here’s the top:
With the financial world in turmoil, this may seem like a terrible time to start a new venture capital firm. But not for Marc Andreessen, co-founder of Internet pioneer Netscape Communications, and business partner Ben Horowitz. The two Silicon Valley entrepreneurs just raised $300 million to launch the firm, dubbed Andreessen Horowitz, say several sources involved in the effort. The pair had originally planned to raise $250 million, but boosted the amount because of strong investor interest.
Andreessen and Horowitz are expected to publicly unveil their firm later this month and declined to comment. But sources say the duo raised most of the money from institutional investors, including Horsley Bridge Partners, a San Francisco firm that invests corporate and government pension-fund money in venture firms. Among the new firm’s other backers are prominent tech industry players including Reid Hoffman, founder of the social networking site LinkedIn, and Peter Thiel, former CEO of the payment service PayPal. “Marc is doing some innovative things,” says Hoffman, who confirmed his involvement. “I like the direction he is going.”