In an interview with Forbes, Marc Andreessen says that Andreessen Horowitz is moving away from venture capital and towards financial services.
Marc Andreessen, co-founder and general partner of Andreessen Horowitz, speaks during the"The Future of Technology" panel at the Fortune Tech Brainstorm 2009 in Pasadena, California July 22, 2009.Silicon Valley stalwart Andreessen Horowitz is renouncing its status as a venture capital firm as it moves closer to the world of financial services, cofounder Marc Andreessen told Forbes.
Traditionally, venture capital firms are allowed to invest in shares of private startups — generally considered to be high-risk assets — because of a special exemption to SEC regulations that don't require it to play by quite the same rules as a traditional financial services firm. By waiving that exemption, and getting its employees certified as financial advisors, Andreessen Horowitz is able to broaden the types of investments it can make.
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