Briefing

The Briefing: A16z Announces $400M Seed Fund, EngageSmart Files For IPO, And More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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A16Z rolls out $400M seed fund

Venture firm Andreessen Horowitz (a16z) announced the closing of a new $400 million seed fund that will invest in all areas of tech.

The fund is the latest in a number of ambitious investment vehicles raised by the Silicon Valley firm, which has been having its best exit year to date in 2021.

Seed has historically been a significant part of the firm’s strategy. The 12-year-old firm lists Slack, Okta, Databricks and Instagram among the successful companies for which it wrote the earliest checks. Since 2020, about half of the new investments for a16z have been in seed-stage companies.

EngageSmart files for IPO

Braintree, Massachusetts-based EngageSmart, a provider of customer engagement software, filed to go public on the New York Stock Exchange. The company posted $181 million in revenue for the 12-month period ending June 30, and was roughly break-even over that time.

Funding rounds

Lynk Pharma raises $50M: Hangzhou-based Lynk Pharmaceuticals, a drug R&D company focused on small molecule clinical development, raised $50 million in a Series B financing led by Lilly Asia Ventures. The funds will go primarily toward Phase I and II clinical trials for multiple programs in its R&D pipeline.

— Joanna Glasner

Illustration: Dom Guzman

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