Venture capital firm Andreessen Horowitz (a16z) is set to open its first international office this year, as U.S.-based firms increasingly seek opportunities overseas. Chris Dixon, a16z’s crypto founder and managing partner, said the decision was due to the “predictable business environment” in the new jurisdiction. This comes as U.S. regulators have taken a number of actions on crypto firms in recent months.
The move follows a “productive dialogue” with the U.K. prime minister and “months of constructive conversations” with HM Treasury, U.K. policymakers, and the Financial Conduct Authority. Dixon said: “We’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers.”
Despite the new office, a16z remains “heavily invested” in the U.S. and will continue working with policymakers and regulators to push for more regulatory clarity for crypto start-ups. The U.K.’s new pro-crypto prime minister, Rishi Sunak, said the news of a16z’s expansion is a result of having the “right regulation and guardrails” in place to “foster innovation” while still protecting consumers. Sunak added that he was “thrilled” with a16z’s decision.
In addition to the new office, a16z announced a plan to launch a new “Crypto Startup School” (CSS) accelerator program in London in the spring of 2024. The program aims to attract U.K. and international entrepreneurs interested in Web3. The most recent CSS program received over 8,000 applicants, with 26 companies receiving an investment from a16z.
The U.K. office will also work in collaboration with universities in the U.K. to provide talent and support for blockchain-based clubs and to encourage blockchain technology to be taught more in the classroom. General Partner Sriram Krishnan will be overseeing the new office in London.
Andreessen Horowitz is the largest venture capital firm in the world, with over $35.8 billion in assets under management (AUM), according to the Sovereign Wealth Fund Institute. On June 11, a16z led a $43 million Series A fundraise for London-based Gensyn, a blockchain-based marketplace connecting buyers and sellers of computing power.
Some of a16z’s most notable crypto investments include Coinbase, Avalanche, Compound, Dapper Labs, Matter Labs, OpenSea, Optimism, PROOF, Solana, Uniswap and Yuga Labs. Cointelegraph reached out to a16z for comment but did not receive an immediate response.
