Andreessen Horowitz Invested New Fund Backed Solely By Black Investors

According to Insider, a person with direct knowledge of the new fund told them “the size of the new fund is consistent with the previous $18 million Cultural Leadership Fund that a16z raised three years ago. To date, CLF has invested in over 65 startups across multiple industries, including consumer, enterprise, crypto, fintech, healthcare, and biotech.”

“While the Black community has historically played an important role in helping shape and grow some of the biggest social networks (Facebook, Twitter, Snap), we didn’t benefit from early equity participation in those companies and thus failed to capture the economic upside from our involvement,” Lyons wrote in a blog post announcing the close of the fund in June. “CLF is helping to change that.”

The first fund included Will Smith, Jada Pnkett Smith, Nas and Chance the Rapper as limited partners. To date, the fund has donated more than $1.5 million in CLF management fees and carries to its nonprofit partners, which include Management Leadership for Tomorrow, Per Scholas, and SMASH.

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