Andreessen Horowitz Tops Quiet April for VC Deals

Venture capital activity in the U.S. took a noticeable breather in April, with fewer deals across the board. But even in a slower month, a few big-name investors stayed active—led once again by Andreessen Horowitz.

A Slower Month for Startup Funding

April didn’t deliver the usual wave of startup funding deals. In fact, only two firms—Andreessen Horowitz and Khosla Ventures—managed to hit double-digit deal counts.

That’s unusual in a market typically driven by multiple active players. Many well-known firms appeared to take a step back, signaling a cautious start to the spring funding season.

Andreessen Horowitz Leads the Pack

With 13 deals, Andreessen Horowitz (also known as a16z) claimed the top spot again. While leading the charts isn’t new for the firm, this marks its busiest month since January.

Beyond volume, the firm also made some sizable bets. It co-led a $200 million Series B round for Base Power, alongside Addition, Lightspeed Venture Partners, and Valor Equity Partners. The Austin-based startup focuses on residential backup power systems designed to charge when electricity costs are low.

The firm also backed Adam Neumann’s real estate venture Flow, which raised over $100 million at a $2.5 billion valuation.

Khosla Ventures Stays Active

Close behind was Khosla Ventures with 10 deals—its busiest month in a year.

One standout investment was in Science, a Neuralink competitor working on brain and retina implants. The Alameda-based company raised $104 million, highlighting continued investor interest in next-gen biotech.

Khosla also joined major rounds for Cyberhaven, which hit a $1 billion valuation, and Mainspring Energy, which secured a massive $258 million Series F. The latter reflects growing demand for energy solutions as AI systems consume more power.

General Catalyst Rounds Out the Top Three

General Catalyst came in third with nine deals, although its pace slowed compared to earlier months.

The firm led the big Mainspring Energy round and also backed smaller investments in Vivere Partners and Fourier.

Other Notable Activity

Several other firms remained active despite the slowdown. BoxGroup and Index Ventures each closed eight deals.

Meanwhile, Ocampo Capital led or co-led the most deals, with seven. Greenoaks Capital Partners stood out for leading high-value rounds, including Safe Superintelligence’s massive $2 billion funding at a $32 billion valuation.

On the accelerator front, Y Combinator continued its dominance, backing 22 startups in April.

The Takeaway

April’s data paints a picture of a more cautious venture capital landscape. While deal activity slowed, top firms still made strategic bets—especially in AI, energy, and biotech.

As the year unfolds, the big question remains: is this just a temporary pause, or the start of a more selective investment cycle?

Also read : OpenAI Raises $122B Ahead of Expected IPO Push