andreessen Horowitz (a16z) has closed its Miami Beach satellite office just two years into a five-year lease, highlighting the struggle of Miami to retain venture capital.
Venture investments in Miami have decreased dramatically, falling to $400 million in Q2 2024 from $5.5 billion in 2022, reflecting a broader trend of dwindling entrepreneurial talent.
a16z's initial plan was to establish global outposts to build relationships and culture among founders, but the closure of the Miami office marks a setback.
The pandemic's shift towards remote work led a16z to consider outposts a solution, although they have struggled to fulfill that ambition in the Miami market.
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