As the cryptocurrency market slumped, Andreessen Horowitz (a16z) exited the Miami area in May because employees were not using the office frequently enough, according to people familiar with the matter. A representative for Andreessen Horowitz confirmed that the company no longer has an office in Miami, but declined to comment further.
The departure highlights the potential weakness of Miami's staying power after attracting a large number of financial and technology companies in recent years. Shortly after Andreessen Horowitz announced the opening of the office, Miami's cryptocurrency dream began to collapse with the collapse of Sam Bankman-Fried's FTX. Venture capital funds flowing to Miami have been on a downward trend since 2022. According to PitchBook data, Miami companies raised $400 million in the second quarter, compared with $5.5 billion in all of 2022. (Bloomberg)