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Andreessen Extends Their Lead as Largest VC Firm

Andreessen Extends Their Lead as Largest VC Firm

Adam Valenta
April 18, 2024

Good afternoon! Andreessen Horowitz secures a small bag of $7.2B, while Ramp raises $150M at $7.65B valuation. Ibotta's IPO surges, reflecting warmth in the market and Microsoft invests $1.5B in AI, teaming up with UAE-based G42.

TL;DR

Andreessen Horowitz secures $7.2B.
Ramp secures $150M funding at $7.65B valuation.
Ibotta's IPO soars, signaling tech market appetite.
Microsoft pumps $1.5B into AI, partnering with UAE's G42.

Andreessen Horowitz’s $7.2B new funds for a ‘new era’

Andreessen Horowitz (A16z) has raised $7.2 billion to fund multiple venture strategies, including $3.5 billion for its Growth fund focusing on AI and other emerging technologies. The funds are also targeting start-ups, gaming, infrastructure, and sectors crucial to national interest such as aerospace and defense. Co-founder Ben Horowitz highlights the evolution of venture capital and the need for specialized investor teams across different sectors.

Read the article here

Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation

Spend management startup Ramp raised $150 million at a $7.65 billion valuation, led by Khosla Ventures and Founders Fund. This extends its Series D, bringing total equity financing to $1.2 billion and $700 million in debt funding since 2019. Ramp's growth includes a 4x revenue increase in 2022 and expanding AI capabilities for process automation and decision-making. The company, serving diverse industries, plans to further invest in AI integration and acquisitions.

Read the full article here and their Press Release Here

Ibotta’s IPO opens sharply higher, hinting at warming public-market interest in tech shares

Ibotta opened at $117 per share in its IPO, significantly above the initial $88 price, despite an increased offering. Early trading has stabilized around $100 per share. The company’s debut highlights its potential beyond its major partner, Walmart, and reflects renewed investor interest in tech IPOs. Ibotta's shift from direct-to-consumer to business sales has brought it to profitability, contrasting with the typical tech IPO's growth-focused, unprofitable profile. The upcoming Rubrik IPO will further test market appetite, given its different financial dynamics.

Read the full article here

Microsoft Goes Big In AI Again, Invests $1.5B In UAE-Based G42

Microsoft has invested $1.5 billion in UAE-based AI firm G42, marking the largest AI startup investment this year. The deal, which required approvals from both U.S. and UAE governments, aims to ensure secure and responsible AI development. This investment highlights Microsoft's strategy to dominate the AI market and follows U.S. concerns about UAE's ties with China. G42 will use Microsoft’s cloud services for its AI operations. This deal outstrips the $1 billion funding round for China's Moonshot AI.