ChainCatcher reported that according to Bloomberg, people familiar with the matter revealed that venture capital giant Andreessen Horowitz (a16z) has closed its Miami office in May 2024. The company established a branch in Miami Beach in 2022 with the aim of promoting the city as a technology center in the tropics.
The move by a16z highlights the cooling of Miami's tech boom. The local cryptocurrency industry has been hit hard since the collapse of FTX in 2022. According to PitchBook data, Miami companies raised only $400 million in the second quarter of 2024, far less than the $5.5 billion for the whole of 2022. A16z representative confirmed that the company no longer has an office in Miami, but declined to comment further. People familiar with the matter said the closure was due to insufficient frequency of use by employees.
