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Netscape daddy's VC firm dumps $60m of Facebook stock

Andreessen Horowitz still has a stake in social network

Facebook

Facebook director Marc Andreessen's venture capital firm has sold off a chunk of its stake in the social network, netting itself around $60m.

Andreessen Horowitz offloaded 1.2 million shares in the firm at between $49 and just over $50, according to a regulatory filing by Facebook.

Andreessen helped set up browser firm Netscape, which sold to AOL in 1999. His venture capital firm has invested in tech startups like Pinterest, Foursquare and Twitter as well as Facebook. He was already on Facebook's board before setting up the investment company and is still a director at the company.

Margit Wennmachers, a partner at the firm, told AllThingsD that the company still felt good about Facebook.

"Venture investing involves a lot of experimentation,” she said. “Not all of them work. This one worked.” ®

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