Andreessen Horowitz is losing one of its general partners in a relatively rare departure for the top-tier venture fund.
Lars Dalgaard, the venture capitalist behind investments like Imgur and Zenefits, is leaving the firm to start his own fund, he said Friday. It is a not-so-common jump: Dalgaard was one of 10 general partners at Andreessen Horowitz and is only the second general partner to ever leave the nine-year-old fund.
Dalgaard — who is independently wealthy after selling SuccessFactors, the company he founded, for $3.4 billion — is starting Luv Ventures, which could focus on investments outside of technology.
“The leaders I have in my life tell me: No one has pushed them more, to be the best version of themselves, than I did,” Dalgaard wrote. “That’s a special and unusual skill, and I know it can create 10X better tech companies and I want to build the investment firm that helps CEOs get there.”
Dalgaard made 10 investments in the firm, but he gained the most notoriety for Zenefits, the controversial human resources startup that became one of Silicon Valley’s most scandal-ridden companies. Dalgaard will remain on that board.
“A lot of things went wrong,” he would later say.
The only other general partner to leave the flashy venture firm was Scott Weiss, who left two years ago.