In early December 2021, the popular crowdfunding platform Kickstarter received an investment offer to transition into a web3 company. This unexpected news surprised many, as Kickstarter had been accumulating capital for years, with little success in selling the company.

According to Fortune, the Kickstarter team had faced challenges, losing its appeal and going through multiple CEOs. The company seemed to offer investors more headaches than opportunities.

Reportedly, Kickstarter board members approached venture capitalist Chris Dixon in the summer of 2021 to discuss a new investment. The proposed blockchain pivot was presented as an enticing incentive for Dixon, who saw the potential of bringing a well-known brand like Kickstarter into the web3 space.

Insiders familiar with the deal revealed that a16z led a stealth round of $100 million to support Kickstarter’s transformation into a web3 company. The plan involved migrating the platform to the blockchain platform Celo, a portfolio company of a16z. However, after facing backlash from the public, Kickstarter decided to pivot away from blockchain integration.

Recently, crypto.news reported that a16z is on the verge of raising $6.9 billion for its foray into the AI sector. The venture firm aims to complete the fundraising by April 2024, allocating half of the funds to its central fund.

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