Marc Andreessen’s VC firm is known for making late-stage bets on big companies like Facebook, Twitter, and Groupon.But it looks like Airbnb, which got $112 million in funding in July, was the last of these big bets for a while.
Instead, Marc Andressen told the The Wall Street Journal, the firm wants to focus on less expensive companies — so he’s looking for companies that are still under the radar.
According to the WSJ:
At Andreessen Horowitz, the change is visible in a pair of investments. In July when Mr. Andreessen’s firm invested in Airbnb, numerous venture firms sought to snag a piece of it and had to make a decision quickly. The San Francisco start-up, which had doubled the pace of bookings from a year ago, ultimately bagged a $1.3 billion valuation, up from a $7 million valuation last year.
By November, Mr. Andreessen and his team were on the hunt for less well-known names and called up Actifio Inc….In November, Actifio received $33.5 million in a funding round led by Andreessen Horowitz. The start-up’s valuation: around $200 million, up from its previous valuation but far below the billion-dollar range.
The Journal reports that several other high-profile VCs like Todd Chaffee of Institutional Venture Partners and Geoff Yang of Redpoint Ventures are also drawing back a bit, in part because of some poor IPO performances in 2011 like Zynga.