The U.S. Department of Justice is reportedly investigating arrangements connected to venture capital firm Andreessen Horowitz (a16z), including board seats held by two partners at portfolio companies that now compete. TechCrunch reports that Ben Horowitz sits on Databricks’ board and Martin Casado sits on Fivetran’s board, and that the investigation has been ongoing for nearly a year.
The reported focus appears to involve potential antitrust concerns, including whether board-level involvement could raise issues under longstanding U.S. competition law. TechCrunch notes that the probe is using a 112-year-old antitrust statute that is rarely applied in cases involving venture capital. Both companies’ relationship to competition has changed over time, and TechCrunch points out that they were not necessarily direct competitors when a16z initially invested.
Across the coverage, the central themes are the existence of competing portfolio companies, board participation by a16z partners, and the unusual use of an older antitrust framework. The reporting stops short of describing specific outcomes, allegations, or enforcement actions, focusing instead on what the investigation could mean for governance and conflicts in venture investing.
