Andreessen Horowitz, the VC investment firm also known as a16z, closed $9B in new capital. The new fund comprises a $1.5B biotech startup-focused fund, a $5B growth-stage fund, and a $2.5B venture fund. More: - The incoming funds have increased a16z’s assets under management to $28B.
- Some of the VC firm’s previous highest closed funds include:
- Seventh venture fund worth $1.3B
- Second growth fund worth $3.2B
- Third bio-focused fund worth $750M
- The VC firm has recently focused its efforts on the cryptocurrency sector since securing a $2.2B fund last year.
- The fund is in addition to its first crypto fund worth $300M, followed by a second $515M funding.
- A16z also raised a $400M Seed Fund in 2021.
- Former Andreessen Horowitz partner Katie Haun is expecting to receive $900M in funding for crypto-focused investments at her new firm. More details can be found in today’s morning VC newsletter here.
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 Avelo Airlines Avelo Airlines, a Houston-based low-cost airline, raised $42M in Series B funding, led by Morgan Stanley Tactical Value (MSTV). The incoming funds have increased the airline's invested capital to over $160M. More: - The low-cost airline raised $125M Series A in Jan. 2020
- Avelo operates a fleet of six Boeing Next-Generation 737 aircraft that serve 19 destinations across the U.S.
- The airline will use the fund to expand operations to serve 40 destinations in the U.S., add nine more aircraft by the end of 2022, and increase its workforce to 450, up from 300 in 2021.
- The airline conducted 3,000 flights with a completion factor of 99.8%, with only seven flight cancellations since launch, flying 345,000 customers.
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INCE Capital raised $700M in two dollar-denominated funds, one of which was oversubscribed and ended with $478M in funds. The China-focused VC firm, which focuses on tech, Internet, and consumer start-ups, saw commitments from global institutional investors, including Duke University, Carnegie Mellon University, University of Pittsburgh, and Kaiser Permanente. More: - INCE's latest incoming investment has increased its assets under management to $1B.
- The VC firm had raised $351.9M after being founded in July 2019.
- Investors' Commonfund, Unicorn Capital, Axiom Asia, and Siguler Guff also invested in the latest funding round.
- China's regulatory crackdown on the technology industry has increased scrutiny of domestic businesses listed overseas, but the recent funding indicates that foreign interest in Chinese enterprises is still strong.
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Project Serum’s community-led foundation, The Incentive Ecosystem Foundation, raised $75M in a new funding round. The funding saw participation from Tiger Global, Commonwealth Asset Management, Tagus Capital, and executives at Golden Tree Asset Management. More: - Serum is a decentralized exchange platform.
- Investors were offered a 15% discount on the market price of different tokens during the token funding round, and a clause including a locking period of six years.
- The foundation aims to raise an additional $25M in the funding round, which is still open and ongoing.
- Of the incoming funds, 15% or $15M will be allocated to help grow the Serum ecosystem.
- The funds will also support upcoming projects across DeFi, NFT, and gaming.
- The ecosystem consists of 70 projects with a total value locked of $2B.
- A $100M Liquidity Mining Initiative was approved by the community in October to attract additional users to the platform.
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Santa Fe headquartered Cottonwood Technology Fund closed an investment fund of $75M to be invested in startups in the southwest U.S. and Northern Europe. Forty new investors across Europe, including Germany, Switzerland, Belgium, Luxembourg, and the Netherlands, contributed to this fund along with the U.S.-based investors and the New Mexico state government. More: - The incoming investment is Cottonwood's third fund, with some of the money already invested in Albuquerque-based firms.
- Previously, the firm had received $25M and $40M funds.
- The investment strategy will be the same as the prior investments, but now the firm can invest a larger sum.
- Invested companies include mPower Technology and BayoTech.
- Cottonwood, founded in 2010, focuses on pre-seed and seed investments averaging $1M-$2M in advanced technology firms in the area of micro and nano-electronics, nanotechnology, advanced materials and manufacturing, clean energy, medical tech, and robotics.
- The firm has also invested in Armonica Technologies, which received a $2M Series B round last year, as well as BennuBio.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, Formula 1 lover, and a Licensed Pilot. He is also a part-time automobile and aviation fanatic, and a full-time introvert. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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