Washington - The co-founder of pioneering Web browser company Netscape, Marc Andreessen, and a partner announced the launch on Monday of a venture capital firm with initial funding of $300 million.
Andreessen and Ben Horowitz, former chief executive of Opsware, said the firm, Andreessen Horowitz, "will fund technology start-ups with investments ranging from $50 000 and $50 million."
In a statement, they described Andreessen Horowitz, which will be based in Menlo Park, California, as a "new, modern venture capital firm designed to support the needs of today's entrepreneurs."
"Innovation is thriving despite the current economic climate," said Andreessen. "Ben and I are huge supporters of entrepreneurs and want to help turn today's sparks of brilliance into the next big thing."
The statement said the firm "will focus on investing in start-ups in the technology sector, including back-end infrastructure and consumer Internet start-ups.