Andreessen Horowitz partners to give away half of VC earnings

Leading Silicon Valley venture capital firm says its six general partners will donate half their lifetime VC earnings, according to the Wall Street Journal.

Daniel Terdiman
Daniel Terdiman Former Senior Writer / News
Daniel Terdiman is a senior writer at CNET News covering Twitter, Net culture, and everything in between.

Jumping on the philanthropic bandwagon that counts people like Bill Gates, Mark Zuckerberg, Warren Buffett, and others as members, the Silicon Valley venture capital firm Andreessen Horowitz says its leaders will give to charity at least half of their lifetime VC earnings.

Andreessen Horowitz partners Marc Andreessen and Ben Horowitz Andreessen Horowitz

According to a Wall Street Journal report today, the six Andreessen Horowitz general partners said their giving will begin right away.

The partners plan to donate $1 million immediately to six nonprofits in the Valley, including the Second Harvest Food Bank and The Shelter Network, which focuses on homelessness issues, according to the Journal. The partners are: Marc Andreessen, Ben Horowitz, Jeff Jordan, Peter Levine, John O'Farrell, and Scott Weiss.

As has previously been well-chronicled, a long list of some of the world's richest people -- from Gates, Zuckerberg, and Buffett to Barry Diller, Larry Ellison, and Carl Icahn -- have signed on to The Giving Pledge, all agreeing to give away at least half of their lifetime wealth.

But this could be the first time the power base of a major VC firm has committed to a similar pledge. And while the Andreessen Horowitz partners' agreement may not be the same as giving away half their wealth, it will surely help enrich the charities they choose as recipients of their funds.