In this issue, we analyzed the key focuses and deal dynamics* of Andreessen Horowitz (a16z), one of the legendary venture capital firms. Our focus is on the period from 2024 to 2025, and we particularly analyzed the startup funding rounds from May to September 2025.

According to our database **, a16z participated in 96 rounds from January to September 2024, totaling $6.1 billion, and 77 rounds in the same period in 2025, totaling $6.3 billion.

From May to September, a16z participated in funding rounds for seven companies that reached unicorn status: five in AI, one in Customer, one in American Dynamism, and one in Crypto.

Overall, with the Fed's interest rates remaining high, the total amount of venture funding on the market is strained. According to our calculations, a one percentage point drop in the Fed's rate leads to $9.6 billion in annual venture investment growth in the U.S. market.

Notes:

* We are reviewing data on startup investments involving a16z. Currently, most major deals are carried out with multiple investors, while the details of the deals themselves (for example, the proportion and format of participation) are not public data.

** For this research we've excluded so-called "Mega Rounds"—multibillion-dollar deals (like those with OpenAI and xAI) that involve institutional investors—from our research. Our assessment is that venture funds in these deals mainly offer mentorship and help with negotiations. The Mega Rounds is which a16z participated are presented on p.13.

Rounds by size

In our database for 2024–September 2025, there were 182 rounds in which a16z participated.

The largest number of these rounds fell into the $10–50 million range (46%), with an average size of $27.6 million.

The second most frequent deal size was $50–250 million (with an average of $106.3 million) – 29% of all deals.

Rounds by industries

The biggest growth in 2024–September 2025 comes from companies that position themselves as generalist AI and AI agents specializing in various fields (for example, BioTech, Consumer, etc.).

The Fintech and Customer industries also surpassed their 2023–2024 levels.

The American Dynamism sector continues to be influential, including technologies in areas like national interest, aerospace, public safety, education, housing, supply chain, industrials, and manufacturing.

Exits by industries

Accoudrding to our calculations the average time to exit for a company after its first funding round with Andreessen Horowitz is 4.6 years.

Historically, the highest number of company exits have been in the traditional sectors of Consumer (33%) and Enterprise (31%).

The BioTech sector experienced rapid growth from 2019 to 2025, and most of these companies have not yet reached the exit stage. Similarly, the growth in the AI sector has so far resulted in only a 9% exit rate.

The Crypto sector has maintained an exit rate of just 2%.

Industries profile

ARTIFICIAL INTELLIGENCE.

In 2025, a16z funded 32 projects that identify as AI and AI agents, with 16 of them receiving funding between May and September 2025.

Of the 16 AI projects supported by Andreessen Horowitz during this period, eight (50%) are in the healthcare sector. We believe this is because leading AI models are currently hesitant to enter the market for direct work with medical data, so these projects are instead focused on providing healthcare professionals with new digital tools.

Another six projects were in the Enterprise sector. Interestingly, five of these startups had previously received support from a16z.

AMERICAN DYNAMISM

This is a priority sector that includes technologies in the areas of national interest, aerospace, public safety, education, housing, supply chain, industrials, and manufacturing.

Apex, a space technology company, received its 5th round of funding, reaching unicorn status ($1 billion USD). Another company, Hadrian, a developer of high-tech equipment, raised $0.8 billion USD.

BIO HEALTH

All 6 BioHealth companies that received rounds in 05.2025-09.2025 positioned themselves first and foremost as AI companies.

FINTECH

By the number of projects and the amount of funding raised, this direction has caught up with 2023 and 2024. An interesting startup is Moment, a system that automates trading and portfolio management workflows for fixed-income investments.

ENTERPRISE

This is a key focus for a16z, with over 20 projects funded since the beginning of the year. However, out of the 10 projects funded from May to September, six are related to integrating artificial intelligence into corporate systems (chatbots, AI agents).

A particularly interesting startup is Cluely, which positions itself as an "invisible" AI assistant for meetings, discussions, and interviews.

CONSUMERS

By the number of projects and the amount of funding raised, the industry has caught up to 2023 and 2024.

Of the four projects supported from May to September, the largest, Substack (3rd rouned backed by a16z), reached unicorn status. The platform is a subscription-based publishing platform for bloggers, press, and company newsletters.

INFRASTRUCTURE

Seven companies in this sector were supported, six of which are directly related to creating infrastructure for using artificial intelligence. Notably, these include OpenRouter (a single gateway to access major AI platforms) and Lmarena (a platform for AI evaluations and comparison).

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The detailed data on the company rounds is presented in the full report.

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DISCLAIMER: This report analyzes market trends and is not a source of definitive or complete data. Due to the dynamic nature of the market, it's impossible to provide 100% accurate, allencompassing data. Our research is based on the information we have gathered through different public sources, and it may be corrected as new data becomes available. Investing in startups is inherently challenging and carries significant risks. This report should not be construed as investment, tax, or legal advice. We are not making any recommendations. If you are considering starting a business or making venture investments, you should consult with qualified professionals, who can provide personalized and competent advice.

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