Andreessen Horowitz raises new $650M fund to target mobile

Venture capital firm Andreessen Horowitz has raised a new fund of $650 million to invest in the smart phone market among others.
The firm, which burned through its kick-off fund of $300 million in 16 months instead of the typical two- to three-year cycle, was able to raise more than double that amount in three weeks, according to Reuters. That’s a remarkable feat at a time when many VC firms are finding it difficult to raise new capital and holding out for a better climate. However, it’s worth noting that Kleiner Perkins Caufield & Byers just announced a new $250 million fund for social startups on the heels of a $100 million for mobile.
Andreessen Horowitz already has investments tucked away in Zynga, Foursquare and Skype, among others. Marc Andreessen told the Financial Times that the firm is now particularly interested in the markets around the Android and iOS smart phone operating systems.
Offering some insight into the firm’s strategy, Ben Horowitz wrote on his blog: “As a matter of core philosophy, we invest in companies not stages. We want to be in business with the best entrepreneurs going after the biggest markets and we do not care whether they need seed money, venture money or growth money. We believe in great entrepreneurs and the products and companies they build. We do not focus on special return profiles for various stages of investment.”