By LEE BERMELLAMAN and MICHAEL HAYESAssociated PressAssociated PressThe top five spots in the Fortune 500 list of the world’s wealthiest companies were dominated by a new company that has raised big money, and has already made big news.
Venture Capital firm Andreessen Horowitz (VALH) on Tuesday announced that it had raised $150 million in new venture capital, putting it in the “top five” in terms of investment for the first time.
The announcement came as a big surprise, as the firm has often been known for its aggressive spending, including on acquisitions and investments.
The new fund is called ValH Global, and the first of several fund raising efforts this year, which VALH hopes will create more value for investors.
ValH is one of the most prominent venture capital firms in the world, having raised more than $5 billion since 2007, according to a company blog.
Its $100 million investment in the mobile-app startup Sidekick, which allows users to report issues on apps, was a sign of how strong valuations are for startups in the field.
Valleywag wrote that VALH has had “more than a dozen successful acquisitions in the last decade, from big name acquisitions to startups like Google, Amazon, and Zynga, which have collectively spent more than a billion dollars on acquisitions.”
ValH’s biggest acquisition was Zyngas acquisition of the company, which has since been sold to Facebook for $1.5 billion.
Valh has been pushing into new areas with new projects, and this year it is bringing on another fund manager to oversee a new $150 billion investment in mobile apps.
The $150-million fund has already raised more money than the last five years combined.
It is led by billionaire investor Tom Perkins, who founded his own investment firm, Pershing Square Capital Management.
The firm had raised about $400 million in funding from investors, including venture capital funds and private equity firms, in 2015.
The company also has $10 million of cash on hand, which was used to buy its first-ever $20 million share of Facebook.
Valhed said it plans to raise $1 billion of its own money in a new round of funding in the next three months.
The fund was established to “reinvest in emerging companies that have been successful and grow in their business models, attract a new group of investors, and attract and retain talent,” the company said.
“Valhed will invest up to $1,000 in each of these companies in order to support their expansion and growth,” the announcement said.
The valuations for companies on the list have generally been higher than for peers, though this year the number of companies listed has been on the rise.
Last year, the company’s top-ranked company, Amazon.com, had an adjusted value of $23.2 billion, while Alphabet Inc.’s (GOOGL) Google was valued at $19.2 trillion.