(BN) Marc Andreessen’s Venture Firm Said to Seek $650 Million for Startup Fund

August 26, 2010

Bloomberg News, sent from my iPhone.

Andreessen Said to Seek $650 Million for Investing in Startups

Aug. 25 (Bloomberg) — Andreessen Horowitz LLC, the venture capital firm run by Netscape Communications Corp. founder Marc Andreessen, plans to raise about $650 million for a fund to invest in startups, a person familiar with the company said.

The firm has invested in fledgling companies including social network browser RockMelt Inc. as well as more mature Web startups such as Skype Technologies SA. The new fund will invest in similar kinds of companies, said the person, who declined to be identified because the fund hasn’t been made public.

Andreessen Horowitz, co-founded last year by Andreessen and Ben Horowitz, started out with a $300 million fund. The firm is ramping up even as some of its peers languish amid a dearth of the initial public offerings that swell VC coffers and lure institutional investors.

Marc Andreessen didn’t immediately respond to an e-mail seeking comment.

Thomson Reuters Corp. blog peHUB reported the new funding amount earlier today. Bloomberg LP, or a subsidiary of the company, is an investor in Andreessen Horowitz.

Other companies backed by Andreessen Horowitz include Asana, a maker of software that helps employees collaborate, and Zynga Game Network Inc., the largest maker of games for social network Facebook Inc.

To contact the reporters on this story: Douglas MacMillan in New York at dmacmillan .

Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/

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