Andreessen Horowitz probed by US DOJ over board conflicts

The US Justice Department is investigating Andreessen Horowitz over whether the venture capital firm’s representatives improperly hold board seats at competing artificial intelligence and data companies, according to Bloomberg.

The investigation centers in part on Databricks and Fivetran, two companies backed by Andreessen Horowitz. A16z cofounder Ben Horowitz sits on the Databricks board, while partner Martin Casado serves on Fivetran’s board. Both board positions are confirmed by company and a16z disclosures.

The Justice Department is examining whether the arrangement violates Section 8 of the Clayton Act, which generally prohibits directors or officers from simultaneously serving on the boards of competing companies, subject to limited exceptions.

The investigation has been underway for nearly a year and began around the same time regulators were reviewing Fivetran’s acquisition of dbt Labs, according to Bloomberg. Casado had also served on the dbt Labs board before the transaction.

Fivetran completed its merger with dbt Labs on June 1 after announcing the deal in October 2025. The Justice Department ultimately cleared the transaction without conditions, but the separate investigation into Andreessen Horowitz has continued.

The Justice Department has not reached a final decision and the investigation could end without enforcement action, according to Bloomberg.

Previous Section 8 investigations have frequently ended with directors leaving one of the competing boards. In 2022, seven directors resigned from positions at five companies after the Justice Department raised concerns about potential interlocking directorates. 

The cases included representatives of investment firms Prosus and Thoma Bravo serving across competing companies.

The scrutiny comes as Andreessen Horowitz expands its exposure to some of the largest private AI and technology companies.

The firm raised more than $15 billion across several investment strategies in January. Its portfolio includes OpenAI, Cursor, ElevenLabs and Databricks, among other technology companies.

Databricks recently raised $5 billion at a $190 billion valuation, making it one of the world’s most valuable private technology companies. The company also reported an annual revenue run rate above $7 billion. Andreessen Horowitz participated as an existing investor in the latest financing.