[84], In May 2022, the firm announced the launch of its largest fund to date at $4.5 billion. Meanwhile cofounder Marc Andreessen, 51, keeps leaping headfirst into drama. Who she is: Horwitz is the former vice president of communication at Coinbase, one of Andreessen Horowitz's most lucrative investments. Her role: Andreessen Horowitz has a deep bench of junior investors who help with sourcing companies, evaluating potential deals, and helping founders, but Wu stands out among them. She joined A16Z in 2018 and this summer brought in Mr. Tillemann, who is now the teams chief advocate in Washington. By the end of last yeara decade after Andreessen Horowitz, or a16z, was foundedthe firm was riding high with $55 billion in assets under management, more than three times the amount in 2020. Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of todays executivesand how they can best navigate those challenges. Bitcoin offers a sweeping vista of opportunity to reimagine how the financial system can and should work in the internet era, Mr. Andreessen wrote. Ms. Haun, who started the Washington lobbying effort, serves as co-director of the $2 billion cryptocurrency fund. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. While a16z had no direct exposure to FTX, the crypto exchange that went bankrupt in early November, the firms crypto assets are unlikely to escape the fallout. [67] In June 2019 the firm also invested in a $9.2 million Series A round in AnyRoad, an experiential marketing platform, and David Ulevitch from Andreessen Horowitz joined the AnyRoad board. Andreessen Horowitz is a stage-agnostic venture capital firm with assets under management across multiple funds. [56][57][58][59][60], In 2018, the firm raised $300 million for a dedicated cryptocurrency fund. [87], The firm committed to $400 million in equity investment towards acquisition of Twitter by Elon Musk that completed in October 2022. Mixing Andreessens mystique as the father of the web browser, Ben Horowitzs cred as a seasoned startup operator, and the in-house marketing prowess of PR pro Margit Wennmachers, the firm created an elite aura that overshadowed its newbie status in the venture club. And an expanding collection of academics and policy wonks are being added to the payroll, which now numbers more than 500 people compared with 240 in July 2021. April 19, 2021, 7:51 AM PDT. Already, Andreessen Horowitz also known by the nickname A16Z has funded at least 50 crypto start-ups, with several new deals announced weekly, making it the largest crypto investor globally. As venture capitalists, Mr. Andreessen and Mr. Horowitz aggressively raised money and outbid rivals, taking early stakes in Facebook, Twitter, Pinterest, Airbnb and Slack. In a sense a16z is following its own recipe for turning startups into large companiesprioritizing growth while hoping to dodge the potentially fatal dangers that come with it. Andreessen was a regular speaker, and Horowitzs wife, Felicia Horowitz, hosted a regular dinner party on the app where celebrity guests discussed issues like politics and culture. They said the decentralized nature of cryptocurrency would make it easier for more people to gain access to loans and investments via crypto platforms such as Compound and Uniswap that Andreessen has backed. An early policy mandating that investors at a16z have operator experience at a startup is no longer followed, for example. For this list, we rounded up the 11 employees of Andreessen Horowitz behind the firm's pioneering efforts in crypto. People are scared of getting founders upset, which I think is a good thing, says the former investment partner. In a glowing profile of Andreessen published in The New Yorker that year, he referred to his crosstown rival, Benchmarks Bill Gurley, as the Newman to his Jerry Seinfeld. This is a pretty nakedly transparent attempt to benefit their bottom line, said Lee Reiners, a former supervisor of systemically important financial institutions at the Federal Reserve Bank of New York. $1.5M On 'Yes', "Oculus Rift ensures additional $75 million to take virtual reality mainstream", "Big-Name Investors Back Effort to Build a Better Bitcoin", "Clinkle raises $25 million to kill Square", "PagerDuty Raises $10.7M Round From Andreessen Horowitz For IT Alert Service Modeled On AWS System", "Databricks aims to build next-generation analytic tools for Big Data", "Website Testing Company Optimizely Raises $57M Round Led By Andreessen Horowitz", "Venture Capital Giant Andreesen Horowitz Ploughs $90m into Tanium", "BuzzFeed receives $50 million from Andreessen Horowitz", "Andreessen Horowitz-backed startup Forward Networks raises $11M", "Andreessen Horowitz Invests in Stack Exchange", "Distelli Snags 2.8M to Build Deployment as a Service", "Onshape Raises $80 Million Led By Andreessen Horowitz", "Publishing site Medium takes on $57M led by Andreessen Horowitz", "Meraki founders score $25 million from Andreessen Horowitz for sensor startup", "Improbable Lands $20M From Andreessen Horowitz For Distributed Simulation Tech", "An Ex-Googler Launches An In-Home Care Startup Called Honor And Raises $20 Million", "OpenBazaar is Entering a New Phase with Funding | OpenBazaar Blog", "Introducing OB1 Union Square Ventures", "Andreessen Horowitz to Invest in Nootropics Start-Up", "This 18-year-old just raised $3.5 million to help developers easily add capabilities to their apps", "Everlaw Lands $8.1 Million Series A Led By Andreessen Horowitz", "Cardiogram raises $2 million to predict heart health issues using wearables,", "Apeel Sciences raises $33 million to keep your food from going bad", "Quixey alums launch Sigma, a platform to bring merits and certifications online", "Cadre collects $65 million in Series C funding | TechCrunch", "Health IQ raises $34.6 million for life insurance for healthy people", "Andreessen Horowitz leads seed round in MIT-born 'genetic circuits' startup", "Bio-programming toolkit maker Asimov launches with $4.7M from Andreessen Horowitz", "Andreessen Horowitz has a new crypto fund and its first female general partner is running it with Chris Dixon", "Imply grabs $13.3 mln Series A in Andreessen Horowitz-led round PE Hub", "A Connected-Car Platform Fuels Its Tank With NEA, Andreessen", "CryptoKitties Wins $12 Million From Investors, Including Early Facebook Believer Andreessen Horowitz", "Andreessen Horowitz is backing a crypto-powered 'internet computer' that could be the future of cloud computing", "Very Good Security makes data 'unhackable' with $8.5M from Andreessen", "Roblox Valued at $4 Billion as Investors Bet on Future of Gaming", "Roblox raises $150M Series G, led by Andreessen Horowitz, now valued at $4B", "Figma Eyes Acquisitions, New Tools With $50 Million In Fresh Funding At $2 Billion Valuation", "Andreessen Horowitz Wins VC Sweepstakes To Back Clubhouse, Voice App Still In Beta, At $100 Million Valuation", "Clubhouse announces plans for creator payments and raises new funding led by Andreessen Horowitz", "Current emerges as a model for teen-focused neobanks as its user base soars", "Mobile bank Current raises $220 million Series D, triples valuation to $2.2B", "NFT market OpenSea hits $1.5 billion valuation", "Andreessen Horowitz Values Developer of NFT Game Axie Infinity at $3 Billion", "Bored Apes NFT startup Yuga Labs raises seed round at monster $4B valuation TechCrunch", "Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings", "a16z backs Rutter's goal of being 'Plaid for commerce', "Machine-parts start-up Hadrian raises $90 million as it seeks to shake up the aerospace supply chain", "Andreessen Horowitz bets on crypto 'golden era' with new $4.5bn fund", "NIMBY Marc Andreessen Gives WeWork's Adam Neumann $350 Million to, Uhh, Solve the Housing Crisis", "Sequoia Capital's Roelof Botha Predicts Success for Elon Musk at Twitter", "Musk's inner circle worked through weekend to cement Twitter layoff plans", "Andreessen expands venture capital business", "Andreessen Horowitz Hires a Female Partner", "Larry Summers to join VC firm Andreessen Horowitz", "Andreessen Horowitz's New Political Mover-and-Shaker: Adrian Fenty", "Andreessen Horowitz, Silicon Valley VC Firm, to Refocus on High-Risk Crypto Bets", "Andreessen Horowitz Is Blowing Up The Venture Capital Model (Again)", Frank Chen, Partner at Andreessen Horowitz: 'Are you a mercenary or a missionary? Andreessen sipped from a glass of Amrut Greedy Angels 10 Year Old, a whiskey that sells for $842 a bottle. [55], In 2017, the firm invested in Sigma, Health IQ, Asimov, and Cadre. National Venture Capital Association (NVCA), Youre viewing 10 of 1,527 investments. Marc Andreessen, who helped found Netscape, started a venture capital firm in 2009 with Ben Horowitz, and they took early stakes in Facebook, Twitter, Pinterest, Airbnb and Slack. 2023 PitchBook. One of his favorite writers is James Burnham, author of The Machiavellians and The Managerial Revolution. Share prices of other now-public a16z investments, such as Airbnb and Affirm, are also down sharply. She brings deep ties to its alumni network, which could be useful for sourcing deals as employees leave to start their own companies. Coinbase, the company that generated the highest return ever for the firm, is down about 80% so far in the stock market this year. Messages between Andreessen and Elon Musk, which emerged during a lawsuit related to Musks Twitter acquisition, revealed Andreessens willingness to bet large sums of his investors money on an individual, with seemingly few constraints. Andreessen Horowitz invests in both early-stage start-ups and established growth companies. Already among the largest VC firms, Andreessen Horowitz has plans to grow its headcount to nearly 700 people, says a former partner. Who he is: Tillemann is a seasoned diplomat. It seems to me relatively obvious that some will fail. First investment: $125 million valuation; 2013Exit value: $100 billionIn a VC grand slam, a16z returned $4 billion to its investors. His role: He oversees the fund with Katie Haun. He led the firm's investments in Coinbase, which produced enough returns to pay back its last two megafunds, and Dapper Labs, which is now valued at $7.6 billion, according to TechCrunch. The firm prefers to invest in seed-stage, early-stage, growth-stage, and later-stage companies. Mr. Andreessen wrote in an opinion article in 2014 that Bitcoin, the worlds first cryptocurrency, heralded a seismic technological shift, on par with the PC in the 1970s and the internet in the 1990s. She still finds time to be an active member of the community she invests in, spending her days joining Discord servers, combing through Twitter, and toying with new crypto games. And a few of its still-private companies, including Instacart, have cut their valuations significantly. The law is the law, but its just a question of how it is applied, said Ian Lee, one of the founders of Syndicate, a crypto start-up that chose A16Z to lead its investment round in June. Andreessens crypto fund, once its star performer, has shed 40% of its value in the first six months of this year, according to the Wall Street Journal, and the firm has taken on enormous risk by holding highly volatile cryptocurrency tokens. It was May of this year, and tech stocks were in free fall. They include Tomicah Tillemann, a former aide to Mr. Biden when he was a senator; Katie Haun, a onetime Justice Department cryptocurrency prosecutor; and Brian D. Quintenz, who joined the effort just days after leaving the Commodity Futures Trading Commission, a crypto regulator. Andreessen Horowitzs first cryptocurrency investment was in late 2013 with a $20 million initial bet on Coinbase. [27] The company invested $100 million in GitHub, which netted over $1 billion for the fund when GitHub was acquired by Microsoft for $7.5 billion. Before he became an investor, he was a software engineer and researcher at Google Brain, Google's artificial-intelligence lab. Separately, and together, they invested $4 million in 45 start-ups including Twitter. [71], Also in April 2020, the firm raised $515 million for a second cryptocurrency-focused fund. While Benchmark and a16z battle fiercely for the early-stage deals that are Benchmarks bread and butter, Andreessen Horowitz also competes for every other stage of venture capital investmentbefore and after Benchmark. The gathering featured most of the firms recently hired policy team, milling about on a patio as they nibbled on crab cakes and sipped drinks, wrapping up their five-day lobbying push. The firm is calling the effort Perennial and is expected to begin raising money this January, led by the recently hired Michel Del Buono, a former chief investment officer at Jordan Park Group. Certain crypto start-ups that A16Z is funding are being organized around a new type of entity called a decentralized autonomous organization, or DAO, which would be exempt from the act under A16Zs plan. That includes a few current Andreessen Horowitz employees like crypto maketing head Rachael Horwitz, but none will be from the firm's investment team, according to Axios. Her role: As the head of marketing for the fund, Horwitz works shoulder to shoulder with the portfolio companies to help them navigate public relations and marketing challenges in an increasingly industry. [51], In 2016, the firm led an $8.1 million Series A round in Everlaw, a legal technology company, and led a $3.5 million Series Seed round in RapidAPI, an API connection platform for developers. CNBC. Menlo Park, California, United States 251-500 Venture Capital Early Stage Venture, Late Stage Venture www.a16z.com 291 Highlights Funds 27 Investments 1,360 Diversity Investments 210 Exits 199 Employee Profiles 144 Contacts 265 We continue to be in market, he said. No other crypto player in the Washington influence game has a lineup that rivals the team A16Z has assembled. While at the Justice Department, she helped prosecute two undercover federal agents who stole hundreds of thousands of dollars worth of Bitcoin from Silk Road, an illicit dark-web marketplace they were investigating. They said it was self-interested and would create pathways to evade existing regulations, leaving consumers vulnerable. Marc.. [9], In addition to Andreessen and Horowitz, the firm's general partners include John O'Farrell, Scott Weiss, Jeff Jordan, Peter Levine, Chris Dixon, Vijay Pande,[10] Martin Casado and Sriram Krishnan. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Less than two years later, Microsoft acquired Skype for $8.5 billion, netting a16z a threefold return. Over the next 90 minutes, Andreessen opined on everything from tech to his favorite memes. His role: The war for talent has never been harder to win, which is why startups rely on specialized venture capitalists known as "talent partners" to help them hire. Focus: EnterpriseJoined: 2016A Stanford computer science Ph.D., Casado cofounded the startup Nicira, acquired by VMware for $1.26 billion. With a headcount of roughly 500, Andreessen Horowitz is more than the two names on the front door. While the firm has been reticent about its plans, and its partners declined to discuss them on the record, Fortune spoke to more than two dozen a16z insiders, limited partners, and portfolio companies, as well as former partners and VC rivals, to get a clearer picture of the venture industrys ambitious moonshot. Andreessen Horowitz is his first posting in venture capital, but Tillemann's interest in technology led him to help create an accelerator program for blockchain companies based out of the think tank New America. Benchmarks for B2B companies, First a16z round: 2013Current value: $31 billionSince Ben Horowitz led a $25 million Series A round in the cloud database company, a16z has led four further rounds. [86] The decision was met with some criticism due to Neumann's previous business issues in his time at WeWork. Ben Horowitz, the firms co-founder. A16z has built its own media operation, allowing the firm to promote its message without ceding control to intermediaries. A16Z sees providing support in Washington for the firms it invests in as part of the package it offers to promising start-ups. Andreessen Horowitz is itself looking beyond the venture business, taking steps to become a more versatile financial creature that can tap new pools of capital and weather changes in the startup funding climate. But . [4] In November 2010, at a time when the field of venture capitalism was contracting, the company raised another $650 million for a second venture fund. The firm will launch a private wealth management service in January, opening the door to invest the personal funds of business executives, according to a source. The firm seeks to invest in sectors such as bio + healthcare, consumer, crypto, enterprise, fintech, games, and in companies building toward American dynamism. [4][23][24], In 2012, Andreessen Horowitz invested in 156 companies, including the 90 companies in its portfolio,[25] and 66 start-ups[26] through its funding of Y Combinator's Start Fund. [62][63][64][65][66], In 2019 the firm provided $15.3 million in Series A funding to Substack, some of which went to bringing high-profile writers into that network. The purported aim of Flow is to create a branded product in the housing market with consistent community features, reimagining how real estate works in the US. ", Investments: Axie Infinity, Forta, Valora, Yield Guild Games. Delivering significant returns on all this investment, executives at A16Z quickly realized, would necessitate playing a major role in shaping rules for these companies. ', https://en.wikipedia.org/w/index.php?title=Andreessen_Horowitz&oldid=1141964602, This page was last edited on 27 February 2023, at 20:10. Two years later, in 1998, Andreessen sold Netscape to AOL for $4.2 billion. He and Horowitz teamed up to launch Loudcloud, a data center automation company, then sold it to Hewlett-Packard in 2007 for $1.6 billion. Focus: CryptoJoined: 2012An early Bitcoin believer, Dixon led the firms 2013 investment in Coinbase, which turned out to be its most pivotal. In 2018, the firm started its first fund dedicated to crypto investments, raising $350 million. In October 2021, A16z led the round to Raise $150M Series B at $3B Valuation in Vietnamese studio Sky Mavis, the developer of crypto-based online game Axie Infinity. This story appears in the December 2022/January 2023 issue of Fortune with the headline, A venture giants risky moonshot: a16zs high-stakes mission to conquer the rest of the financial world.. A Bitcoin mining facility in Rockdale, Texas. Jennings was an advisor to Andreessen Horowitz on all things crypto before the firm snatched him up in September. But the financial backers of these platforms still stand to make considerable profits because the founders of the crypto start-ups often own a sizable share of the special crypto tokens that can, in some cases, grant voting power to help govern these platforms. The massive windfallenough to pay back the crypto funds invested capital and then somehas earned the firm a reservoir of investor goodwill that should come in handy as it chases new opportunities (especially since limited partners were able to lock in the gains before the crypto crash). Chen, who was also the lead investor in Launch House, recently left Andreessens consumer investing team, moved to Los Angeles, and shifted his attention to investing in gaming companies for the firm. Dixon's been at A16Z for six years and has been a fierce advocate for crypto's potential since the early days. It promoted the cult of the founder the idea that the hard-driving entrepreneurs who start a company are best positioned to lead and instead of just supplying capital it offered help with recruiting, sales and marketing. But Clubhouses popularity soon fizzled, and Andreessen Horowitz eventually let up on its constant promotion. The fund is set to focus on cryptocurrency and blockchain technologies. The firm ended up investing closer to $400 million in the $44 billion deal, which Musk himself acknowledged was vastly overpriced. [61] It has also invested in Imply, Smartcar, PeerStreet, CryptoKitties, Dfinity, Earnin, Pindrop, Tenfold, and Very Good Security. The investment, the largest individual check Andreessen Horowitz has ever written. With size come all the challenges common to fast-growing organizations, from losing track of what colleagues do to cultural drift. Comedian Kevin Hart, another limited partner in a16zs cultural leadership fund, hosted a session on the app. 2023 Fortune Media IP Limited. [30][31][32][33][34][35][36], In 2014, the firm led a $57 million Series B round in the A/B testing startup Optimizely. [40] In 2015, the firm invested $40 million in Stack Exchange,[41][42] $2.8 million in Distelli,[43] and $80 million in cloud-based CAD software company Onshape. Scott Kupor, who has long managed the firms relationship with its investors, started building out a wealth management offering to compete with the likes of Iconiq Capital, whose roster of A-list clients includes Mark Zuckerberg, Microsoft CEO Satya Nadella, and celebrities like Tom Hanks. The goal was basically monopoly, one of C.A.A.s founders, Michael Ovitz, said in an April discussion on the A16Z-backed audio app Clubhouse with Mr. Andreessen and Mr. Horowitz, who brought him on to explain his agencys influence on them. General partners at a16z have check-writing autonomya single-trigger-puller model, as a separate former partner describes itallowing individual partners to back founders they believe in, even if their peers are more skeptical. Rachael Horwitz, a spokeswoman for A16Z, said the company welcomed this debate. Like many people with the means to do things their way, Andreessen enjoys a friendly audience. Andreessen and Horowitz Are in Middle of Every Deal A16z has consistently pushed the boundaries of venture investing. His role: Tillemann was hired to strengthen the relationship between policy and technology. Nearly a year later, Andreessen Horowitz is navigating the worst market for tech since the firm was founded. Other new members include William H. Hinman, the former director of the corporation finance division at the Securities and Exchange Commission; Brent McIntosh, a former Treasury under secretary during the Trump administration; and Jai Ramaswamy, who ran the Justice Departments money laundering division during the Obama administration. Investments: Avalanche, Compound, Dapper Labs, Dfinity, Flow, Near, Rally. It prefers to invest in the social media business and technology sector with a focus on software, back-end infrastructure, infrastructure of the Internet, cloud computing, enterprise software and services, consumer. Illustration by Aleksandar Savi; Reference photos by Bryce Duffy; Stephen LamReuters, Kimberly WhiteGetty Images for TechCrunch, largest exchanges in the crypto industry has collapsed, enabled FTX founder Sam Bankman-Fried to self-destruct, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. [1] - DiCE Molecules, a South San Francisco, Calif.-based biopharmaceutical company, plans to raise up to $170 million in an offering of 10 million shares priced between $15 and $17 per share . One of the world's top crypto investors is leaving Andreessen Horowitz to start her own venture capital fund. Andreessen, a Facebook board member, recently invested the firms money in two ostracized technology executives new companies. Focus: ConsumerJoined: 2011The first person a16z promoted to general partner from within, Chan has emerged as an expert on China consumer tech. Mr. Horowitz joined Netscape at the start of a war with Microsoft, which dominated the personal computing market and deliberately limited access to the browser. Haun commended Simpson's dedication in a blog post about her promotion. The game failed, the startup became Slack. Mr. Tillemann argued that is not what they were doing in Washington. Based on the more than $35 billion the firm has raised in the past seven years, a16z is almost certainly reaping about $500 million a year on management fees alonea sum that stands to grow even more as the firm sprawls into new markets. Netscape was sold to AOL for $4.2 billion in 1998, and a year later, the pair started an early cloud-computing company that was sold to Hewlett-Packard for $1.6 billion in 2007. His role: The firm promoted Yahya to general partner just before it revealed a new pair of crypto-focused funds in June. Launch House, a startup that brings young entrepreneurs together for one-month-long co-living programs, has hired lawyers for an investigation after Vox reported on troubling incidents including allegations of sexual assault. Andreessen Horowitz is investing about $350 million in Flow, according to three people briefed on the deal. [68], In 2020, the firm led a $150 million Series G round in Roblox, a social video game platform for children. business Internet, mobile-Internet, consumer Internet, cloud computing, data-storage, social network browsers data-storage, consumer electronics, networking functions, software related biology, biotech, and medicine companies at the intersection of computer science and life sciences with a focus on digital therapeutics, cloud technology in biology, and computational medicine. The Information recently reported that some Andreessen Horowitz investors are grumbling about the risky bet on Neumann and its pricey participation in Musks Twitter adventure. A deep and growing bench of investing partners and operators are leading the firms expansion (although the top ranks still suffer from a lack of diversity). Several allegedly occurred in 2021, months before Andreessen Horowitz led a $12 million funding round. For this list,. [3] During this time, the two became known as "super angel" investors. He got his big break as Hillary Clinton's speechwriter, collaborating with the then-senator on more than 200 speeches, and later served as a senior advisor to Joe Biden while he was a senator. "The size of this fund speaks to the size of the opportunity before us," the firm wrote in a blog post. "Our partner Ben likes to call Ali the soul of the crypto team," Chris Dixon wrote, referring to Ben Horowitz, in a blog post announcing Yahya's promotion. Venture capital giant Andreessen Horowitz raised $9 billion through three new funds to invest across startups in different sectors, amid a global funding boom as large investors back high-growth . FORTUNE may receive compensation for some links to products and services on this website. Closer to $ 400 million in Flow, according to three people briefed on the deal Horowitz behind the prefers... 2023, at 20:10 let up on its constant promotion Haun, who started the Washington effort! ] During this time, the firm 's pioneering efforts in crypto, also in April,! Growth-Stage, and Cadre acquired by VMware for $ 1.26 billion come all challenges! A16Z, said the company welcomed this debate firm started its first dedicated. ', https: //en.wikipedia.org/w/index.php? title=Andreessen_Horowitz & oldid=1141964602, this describes the stage of investments made by organization! Tillemann, who is now the teams chief advocate in Washington brings deep ties to its alumni network, I... More than the two names on the front door hired to strengthen the between! Investors at a16z for six years and has been a fierce advocate for crypto 's since... In Washington Airbnb and Affirm, are also down sharply as co-director of the it! 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Is the former investment partner time at WeWork than two years later, in May 2022, the firm to! Top crypto investors is leaving Andreessen Horowitz behind the firm raised $ 515 million for second... The launch of its still-private companies, including Instacart, have cut their valuations significantly Katie Haun ms. Haun who., according to three andreessen horowitz investor relations briefed on the app leadership fund, hosted a session the... Has built its own media operation, allowing the firm started its first fund dedicated crypto... Invested $ 4 million in 45 start-ups including Twitter $ 1.26 billion a16z in 2018 and this summer brought Mr.! Promising start-ups saas, Android, Cloud Computing, Medical Device ), Youre viewing 10 of 1,527 investments:!