VC 2025: Andreessen Horowitz (a16z) trends

There is quite a lot of talk that in 2024–2025, the venture capital market is under significant pressure.

One of the factors is that, as the Fed’s interest rates remain high, the total amount of venture funding in the market is strained. According to our calculations based on open data from the National Venture Capital Association (NVCA), a one-percentage-point decrease in the Fed’s rate leads to an annual increase of $9.6 billion in venture investment in the U.S. market.

We believe that one of the most striking examples of active and effective investing is the legendary firm Andreessen Horowitz (a16z). Despite the high interest rates, the company continues to expand its portfolio, earning investors’ confidence — even in the face of the temptation of risk-free investments such as U.S. government bonds.

In our database for 2024–September 2025 (based on open data), there were 182 rounds in which a16z participated.

• The largest number of these rounds fell into the $10–50 million range (46%), with an average size of $27.6 million.

• The second most frequent deal size was $50–250 million (with an average of $106.3 million) – 29% of all deals.

From May to September, Andreessen Horowitz (a16z) participated in funding rounds for 8 companies that reached unicorn status: 5 in AI, 1 in Customer, 1 in American Dynamism, and 1 in Crypto.

The biggest growth in 2024–September 2025 comes from companies positioning themselves as generalist AI firms or AI agents specializing in various fields (for example, biotech, consumer, etc.). According to our calculations, 51.6% of investments made between 2024 and September 2025 fell into the AI category.

Full report is on the link: Full report.