For years, partners at Andreessen Horowitz proclaimed they would scour the startup world for the next big consumer marketplace like Airbnb or the next hit consumer app out of China, areas in which the firm had unique expertise. Now, it’s shifting toward an area more en vogue across venture capital: consumer apps powered by artificial intelligence.
Those changes are happening amid an overhaul of its consumer team. Connie Chan, a general partner at Andreessen Horowitz who formerly led a team of consumer investors and was known for spotting internet trends coming from China, said she is leaving the firm. She may raise her own fund, a person familiar with the matter said. Anish Acharya, a general partner at the firm who invested in enterprise-focused and financial technology businesses, now leads the consumer team, said people familiar with the change.
Chan’s move also follows a distancing by U.S. VC firms from investments in China tech, once a hotbed for U.S. investors. In recent months, Chan has privately said it’s becoming more difficult for her to work at Andreessen Horowitz because the partners have been increasingly disinterested in anything China related, another person said.
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
