Building limited partner relationships & raising capital for a16z, supporting our mission to back bold entrepreneurs building the future. To explore Andreessen Horowitzs full profile, request access. It seems to me relatively obvious that some will fail. Get the full list, Youre viewing 10 of 323 exits. Founded in 2009, Andreessen Horowitz is a venture capital firm headquartered in Menlo Park, California. Messages between Andreessen and Elon Musk, which emerged during a lawsuit related to Musks Twitter acquisition, revealed Andreessens willingness to bet large sums of his investors money on an individual, with seemingly few constraints. In September 2021, the firm led an $18 million Series A fundraise in Pearl Health, a healthcare technology company. The firm claims its representatives do not need to register as lobbyists because of a loophole limiting the registration requirement to those who spend at least 20 percent of their time lobbying. Who he is: Tillemann is a seasoned diplomat. The books, some of which date back to the 1940s, seem to hint at Andreessens souring on elites and doubts about American politics, though the onetime Obama supporter who later donated to Republican Mitt Romney has kept his political affiliation ambiguous in recent years. April 19, 2021, 7:51 AM PDT. Its a concept the duo may need for their own mission. Rachael Horwitz, a spokeswoman for A16Z, said the company welcomed this debate. Who he is: Yahya brings technical chops to the firm's crypto team. An early policy mandating that investors at a16z have operator experience at a startup is no longer followed, for example. Chen, who was also the lead investor in Launch House, recently left Andreessens consumer investing team, moved to Los Angeles, and shifted his attention to investing in gaming companies for the firm. He and Horowitz teamed up to launch Loudcloud, a data center automation company, then sold it to Hewlett-Packard in 2007 for $1.6 billion. Like much of the investing world, a16z was swept up in the tech valuation fever that erupted during the pandemic, resulting in some deals that now look batty. No other crypto player in the Washington influence game has a lineup that rivals the team A16Z has assembled. A16Z sees providing support in Washington for the firms it invests in as part of the package it offers to promising start-ups. Some startup founders wonder whether a firm with so many large investments can provide the kind of hand-holding a young business needs, though two current portfolio company founders say the partners and operators who work with them are incredibly attentive. Previously, Mr. Andreessen co-founded and served as the Chairman of the board of directors of Opsware, Inc. (formerly known as Loudcloud Inc.), a software company. Who he is: Before joining the fund, Albanese was the "top markets cop" at the New York Stock Exchange, as The Wall Street Journal put it. Andreessen Horowitz invests in both early-stage start-ups and established growth companies. [3] During this time, the two became known as "super angel" investors. They say things in a way that sounds reasonable, but it involves them essentially giving up very little in the public interest.. If Benchmark was a best-in-class race boat cruising the startup waters, Andreessen Horowitz was an aircraft carrier ready to steam toward wherever the action lay. Less than two years later, Microsoft acquired Skype for $8.5 billion, netting a16z a threefold return. Its a big reason why partnering with Andreessen Horowitz and its legal and regulatory team made a lot of sense., Big Hires, Big Money and a D.C. View contacts for Andreessen Horowitz to access new leads and connect with decision-makers. ', https://en.wikipedia.org/w/index.php?title=Andreessen_Horowitz&oldid=1141964602, This page was last edited on 27 February 2023, at 20:10. And the fund made early, lucrative bets on Coinbase, Dapper Labs, and Dydx. First a16z round: 2013Current value: $31 billionSince Ben Horowitz led a $25 million Series A round in the cloud database company, a16z has led four further rounds. [27] The company invested $100 million in GitHub, which netted over $1 billion for the fund when GitHub was acquired by Microsoft for $7.5 billion. His role: In his first posting in venture capital, Jennings will continue to advise the firm on its crypto investments, support portfolio companies as the crypto industry quickly matures, and work alongside partners and policy wonks to shape regulation around blockchain technologies. Still, as one a16z investor tells Fortune, the firm must continue to deliver. Share prices of other now-public a16z investments, such as Airbnb and Affirm, are also down sharply. And then theres Clubhouse, the audio chat app that perhaps more than any other a16z investment epitomizes the power, and flaws, of the firms approach to investing. Partner 32, Investment Operations Manager Founded in Silicon Valley in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as "a16z") is a venture capital firm that backs bold entrepreneurs building the future through technology. "Our partner Ben likes to call Ali the soul of the crypto team," Chris Dixon wrote, referring to Ben Horowitz, in a blog post announcing Yahya's promotion. His role: He oversees the fund with Katie Haun. He's known among founders for giving thoughtful feedback. Andreessen Horowitz is investing about $350 million in Flow, according to three people briefed on the deal. Former Insider reporter Margaux MacColl contributed to an earlier version of this report. He led the firm's investments in Coinbase, which produced enough returns to pay back its last two megafunds, and Dapper Labs, which is now valued at $7.6 billion, according to TechCrunch. Investor Relations at Andreessen Horowitz A16Z Menlo Park, California, United States 755 followers 500+ connections Join to view profile Report this profile Report Report BackSubmit. He previously worked on consumer robotics at Google X, the semisecret research facility. At a moment when technology companies have a bad odor in Washington and as the fast-evolving crypto industry is drawing increasing scrutiny from lawmakers and regulators, Andreessen Horowitz is pursuing a particularly audacious plan: to both own big chunks of the emerging world of digital currencies and have a hand in writing the rules for how it will operate. Her role: Simpson was promoted four months ago to general partner after joining the firm in 2020. With Albanese as the fund's chief operating officer, the fund has someone who's worked alongside the very regulators they'll need to persuade. Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of Crunchbase contacts associated with this organization, Descriptive keyword for an Organization (e.g. By 2015, Andreessen Horowitz had established itself as among Silicon Valleys most in-demand investors, going toe-to-toe for deals against elite VC firms like Sequoia Capital and Benchmark. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. The Information recently reported that some Andreessen Horowitz investors are grumbling about the risky bet on Neumann and its pricey participation in Musks Twitter adventure. A public market investing effort is being led by David George, formerly with General Atlantic. The boss, Netscape CEO Marc Andreessen, replied, We are getting killed killed killed by Microsoft! Andreessen Horowitz models itself on the Hollywood talent management firm Creative Artists Agency, which embraced the outsize ambition of representing every Hollywood star. [88][89], Andreessen Horowitz partners work on behalf of all its portfolio companies, an approach modeled after the Hollywood talent agency, Creative Artists Agency. Her role: Lippencott has worked at the firm for only about a month, but she arrived with key relationships, from top-tier founders to her former bosses, the Winklevoss twins. Andreessen Horowitzs first cryptocurrency investment was in late 2013 with a $20 million initial bet on Coinbase. They said the decentralized nature of cryptocurrency would make it easier for more people to gain access to loans and investments via crypto platforms such as Compound and Uniswap that Andreessen has backed. machine to help startups scale, while generating huge returns for themselves and their investors. Eric Newcomer is an independent journalist who publishes Newcomer, a newsletter that covers the inner workings of venture capital, startups, and the tech industry. [83], In March 2022, A16z with Lux Capital co-led an $90 million round of Los Angeles-based machine-parts start-up Hadrian Automation. Lately, Andreessen has taken to tweeting long reading lists. But none of them are registered as lobbyists. [44] Also in 2015 Andreessen Horowitz invested in the blogging platform Medium,[45] Samsara,[46] Improbable,[47] Honor, Inc.,[48] OpenBazaar,[49][50] a blockchain startup, and nootropics and biohacking company Nootrobox. diverse range of industries talk about company building in LA. The flip side is that some of them will work out.. But what they are calling for here is the wholesale exemption from some of the most important investor protection laws in the United States., In a 10-page response the company provided to The Times, one A16Z lawyer wrote that we welcome clarifying feedback on how to tighten this up to avoid creating a broader exemption than was intended.. Andreessen Horowitz (also called a16z, legal name AH Capital Management, LLC) is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. Watch innovators and policymakers discuss how technology can help build Read and subscribe to Newcomer here. She's also on the front lines of the policy debate around crypto. Each of them, along with Mr. Quintenz, who was an outspoken booster of crypto while at the C.F.T.C., participated in briefings with financial regulators, members of Congress or White House officials. This evolution, begun a few years ago but all the more pressing today, aims to position the firm as a sort of Goldman Sachs or J.P. Morgan of the West. Benchmarks for B2B companies, The firm prefers to invest in seed-stage, early-stage, growth-stage, and later-stage companies. For this list,. Marc.. Altogether Andreessen Horowitz has raised more than $35 billion since its founding, including a $4.5 billion crypto fund, a $5 billion growth fund, a $2.5 billion venture fund, and a $1.5 billion bio fundall just last year. [81] In October 2022, it was reported that the US Securities and Exchange Commission were investigating Yuga Labs, due to concerns that sales of their digital assets violated US investment laws. Mr. Tillemann argued that is not what they were doing in Washington. It was May of this year, and tech stocks were in free fall. Hes grown contemptuous of the media. Andreessen wasnt speaking on CNBC or Bloomberg TV. That sum, massive by the standards of Silicon Valley venture capital firms, represented an accumulation of shares in startups and crypto tokens during the best time for tech investing since the dotcom boom. Their regulatory proposal highlights issues with general bipartisan support: overcoming Chinas head start in digital currency and payments, reclaiming Americas role as the leading technology innovator and expanding economic opportunity. Six years later, Microsoft acquired it. Powered and implemented by Interactive Data Managed Solutions. As a subscriber, you have 10 gift articles to give each month. Focus: CryptoJoined: 2012An early Bitcoin believer, Dixon led the firms 2013 investment in Coinbase, which turned out to be its most pivotal. In a glowing profile of Andreessen published in The New Yorker that year, he referred to his crosstown rival, Benchmarks Bill Gurley, as the Newman to his Jerry Seinfeld. Focus: ConsumerJoined: 2011The first person a16z promoted to general partner from within, Chan has emerged as an expert on China consumer tech. In the name of democratizing finance, what I am seeing is a game of three-card monte where they are moving balls around hoping people dont understand the game is rigged, Mr. Awrey said. The three-day affair was held virtually on Hopin, an online platform funded by the VC firm, and paired with in-person dinners for more than 100 guests in New York City and at the posh San Francisco sushi restaurant Pabu Izakaya. First a16z round: 2020Current value: $12 billionThe pandemic had just begun when a16z invested $14 million in Deel, a remote hiring startup whose valuation has since soared. [73][74], In January 2021, the firm led a $100 million Series B for the audio-chat social networking app Clubhouse, reportedly valuing it at $1 billion. Earlier this year it hired two leading thinkers in the space: Tim Roughgarden, a Columbia engineering professor, and Dan Boneh, a computer science and electrical engineering professor from Stanford, to lead the firms crypto research efforts. Subscribe here. Coinbase, the company that generated the highest return ever for the firm, is down about 80% so far in the stock market this year. We are making big bets on founders and ideas with the potential to shape the future in the hope that theyll topple the gatekeepers and middlemen of the past, she said. Founded in 2009, Andreessen Horowitz is a venture capital firm headquartered in Menlo Park, California. It was an investor in Coinbase Global (COIN-11.06%), . Cryptocurrencies offered an early demonstration of the model in action. Marc Andreessen, who helped found Netscape, started a venture capital firm in 2009 with Ben Horowitz, and they took early stakes in Facebook, Twitter, Pinterest, Airbnb and Slack. Andreessen Horowitz is a Silicon Valley-based venture capital firm with ~$35B under management. But in some ways, looking at Andreessen Horowitz in terms of Benchmark was a category error. If theres any clear fusion of politics and investing in the firm, its in the concept of American dynamism, a pro-America investment thesis spearheaded by partner Katherine Boyle. First investment: Co-led $10.6 million investment; 2011Exit value: $19.5 billionA16z invested in a gaming firm led by founder Stewart Butterfield. [2], Between 2006 and 2010, Marc Andreessen and Ben Horowitz actively invested in technology companies. Albanese has his work cut out for him: He'll be doing everything from overseeing the fund's operating teams to working directly with portfolio companies. We continue to be in business. [93], In September 2012, former Washington D.C. mayor Adrian Fenty was appointed Andreessen Horowitz's second special advisor. Mixing Andreessens mystique as the father of the web browser, Ben Horowitzs cred as a seasoned startup operator, and the in-house marketing prowess of PR pro Margit Wennmachers, the firm created an elite aura that overshadowed its newbie status in the venture club. The massive windfallenough to pay back the crypto funds invested capital and then somehas earned the firm a reservoir of investor goodwill that should come in handy as it chases new opportunities (especially since limited partners were able to lock in the gains before the crypto crash). Comedian Kevin Hart, another limited partner in a16zs cultural leadership fund, hosted a session on the app. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. Investments: Avalanche, Compound, Dapper Labs, Dfinity, Flow, Near, Rally. The firm purchased a huge stake in the creator of Bored Ape NFTs, part of a $450 million seed round that gave the year-old company a $4 billion valuation. General partners at a16z have check-writing autonomya single-trigger-puller model, as a separate former partner describes itallowing individual partners to back founders they believe in, even if their peers are more skeptical. If I were a limited partner in the fund from which that came, I would be absolutely outraged To jump in and say, Im in, with no questions askedthat doesnt even belong in the same sentence as due diligence.. In 2015, she helped start an early-stage venture firm, Crystal Towers Capital, for investing in Y Combinator graduates. The firm ended up investing closer to $400 million in the $44 billion deal, which Musk himself acknowledged was vastly overpriced. In October 2021, A16z led the round to Raise $150M Series B at $3B Valuation in Vietnamese studio Sky Mavis, the developer of crypto-based online game Axie Infinity. It was a philosophy rooted in personal experience. One of the world's top crypto investors is leaving Andreessen Horowitz to start her own venture capital fund. Certain crypto start-ups that A16Z is funding are being organized around a new type of entity called a decentralized autonomous organization, or DAO, which would be exempt from the act under A16Zs plan. He was on the Good Time Show, the YouTube show hosted by colleague Krishnan and his wife, Aarthi Ramamurthy. [71], Also in April 2020, the firm raised $515 million for a second cryptocurrency-focused fund. Simpson previously founded her own crypto fund, Autonomous Partners, where she invested alongside much larger firms inCelo, Dapper Labs, and Maker. Before Andreessen Horowitz, he served as the general counsel for the blockchain startup Fluidity and as an associate at the law firm Cravath, Swaine & Moore. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. And it would give preferential tax treatment to DAOs, limiting information they have to turn over to the Internal Revenue Service and making so-called member dues that they collect tax exempt. CNBC. To me that was the most egregious of all, Columbia professor Sherman says of a16zs lack of due diligence on Twitter. The firm has brought on so many people with industry expertise that the hiring spree has become a running joke on Twitter. Offers may be subject to change without notice. Internally, a16z partners often invoke a Morgan quote as a sort of strategic refrain: They tell new employees that the firm strives to be a first-class business in a first-class way.. During the first week of November, Marc Andreessen and Ben Horowitz, two of the most recognizable names in venture capital, put on a show for their firms backersan audience of gold-plated endowments, sovereign wealth funds, and pension plans. Andreessen Horowitz (also called a16z, legal name AH Capital Management, LLC) is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. In 2009 it bought about 2% of video service Skype for $50 million. [68], In 2020, the firm led a $150 million Series G round in Roblox, a social video game platform for children. Can its ambitions defy a tanking tech market? Two years later, in 1998, Andreessen sold Netscape to AOL for $4.2 billion. He leads the firm's crypto network operations group, where he helps determine how investors navigate governance in the crypto community. Anyone can read what you share. The price of Bored Apes . Mark Felix/Agence France-Presse Getty Images, its first fund dedicated to crypto investments, at least 20 percent of their time lobbying, limiting information they have to turn ove. Who he is: Clayman is the firm's longest-running recruiter for crypto, focused on placing hires and setting the human-resources strategy at startups. Altogether Andreessen Horowitz has raised more than $35 billion since its founding, including a $4.5 billion crypto fund, a $5 billion growth fund, a $2.5 billion venture fund, and a $1.5. Sriram Krishnan, an a16z partner focused on crypto investing, is currently doing double duty as an adviser to Musk, whose reputation as a successful entrepreneur has become increasingly tarnished by his erratic stewardship of Twitter. Andreessen Horowitz is a stage-agnostic venture capital firm with assets under management across multiple funds. Andreessen sipped from a glass of Amrut Greedy Angels 10 Year Old, a whiskey that sells for $842 a bottle. Led by Chris Dixon and Katie Haun, the crypto team has hired dozens of investors and experts in the past two years. [56][57][58][59][60], In 2018, the firm raised $300 million for a dedicated cryptocurrency fund. He wrote on his blog back in 2018 that core internet services will likely "almost entirely rearchitected," a revolution powered by "crypto-economic networks.". Like many people with the means to do things their way, Andreessen enjoys a friendly audience. Katie Haun, who became Andreessen's first female general partner in 2018 . [1] Its investments span the mobile, cryptocurrency, gaming, social, e-commerce, education and enterprise IT (including cloud computing, security, and software as a service) industries. Description. Dixon's been at A16Z for six years and has been a fierce advocate for crypto's potential since the early days. Firm culture encourages staffers to challenge one anothers assumptions. When Coinbase founders Brian Armstrong and Fred Ehrsam visited Horowitzs home to watch a fight on television, they were greeted with a surprise visit by the rapper Nas, who would go on to become a limited partner investor in the firms cultural leadership fund. One of his favorite writers is James Burnham, author of The Machiavellians and The Managerial Revolution. While a16z had no direct exposure to FTX, the crypto exchange that went bankrupt in early November, the firms crypto assets are unlikely to escape the fallout. That translates into huge management feesthe annual dues that limited partners pay venture capitalists just to invest their money, regardless of performance. [93], In 2019, the firm applied to restructure as a registered investment adviser in order to have more freedom to take up riskier bets like cryptocurrency. While other VC firms scramble to read up on nonfungible tokens, Andreessen Horowitz has long prepared for this moment. [52][53] Also in 2016, the firm invested $2 million in Cardiogram, a digital health company,[54] and Apeel Sciences, a food science business. Focus: Web3 mediaJoined: 2013Lyons launched the firms cultural leadership fund, which includes celebrity investors like Nas and Kevin Hart. 2023 PitchBook. In a series of deals led by Andreessen Horowitz general partner Andrew Chen, the firm kept driving up the price of its own portfolio company: Chen invested in Clubhouse at an $80 million valuation in May 2020; a $1 billion valuation in January 2021; and a $4 billion valuation in May 2021. But Andreessens principles have at times been muddled. Critics accuse the firm of stacking fees, or raising so much money that it can profit off management fees alone without relying on carryor its cut of the actual performance of its investments. [8], As of March 27, 2014, the firm managed $4 billion in assets after the closing of its fourth fund at $1.5 billion. Meanwhile, one of the largest exchanges in the crypto industry has collapsed, throwing the fate of the entire digital asset industry, where a16z has pledged billions, into question. Andreessen Horowitz led a $36 million funding round of Mysten Labs, a crypto and blockchain infrastructure technology start-up founded by four former Facebook engineers. Marc Andreessen wrote about the dangers of delusion many years ago while making the case for why someone might not want to join a startup. She worked as a HoloLens engineer at Microsoft for a summer, danced ballet at Harvard, interned at Apple, and consulted for the Air Force's leading software factory. While at the Justice Department, she helped prosecute two undercover federal agents who stole hundreds of thousands of dollars worth of Bitcoin from Silk Road, an illicit dark-web marketplace they were investigating. WELCOME TO THE MATRIX Andreessen (left) and Horowitz have created a powerful [28][29] In 2013, Andreessen Horowitz invested in Clinkle, Coinbase, Databricks, Lyft, Oculus VR, PagerDuty, Pixlee, Ripple, Soylent, Swiftype and uBiome. "She's got her ear to the ground, she's plugged in, and she's well-respected by everyone in the industry," Haun wrote. Andreessen Horowitz is a stage-agnostic venture capital firm with assets under management across multiple funds. This fund was announced on Jun 18, 2022 and raised a total of $60M. Blitz: A Bold Plan to Dominate Crypto, https://www.nytimes.com/2021/10/29/us/politics/andreessen-horowitz-lobbying-cryptocurrency.html. a better, safer, and more resilient world. This story appears in the December 2022/January 2023 issue of Fortune with the headline, A venture giants risky moonshot: a16zs high-stakes mission to conquer the rest of the financial world.. 50 tech companies kickstarting American renewal, including in aerospace, PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Marc and Ben make a point of openly disagreeing with each other to encourage that spirit throughout the firm, another former partner said. During their pitches in Washington, the A16Z team members frequently talked about their commitment to democratizing the internet. Another crypto boom is here. The Coinbase investment, which valued the company at $125 million in 2013, would become Andreessen Horowitzs highest-returning. A previous version said they were at Chris Lyons home. Focus: Investor relationsJoined: 2009A16zs first employee, Kupor has led the firms efforts to expand into private wealth management. [37] That same year the company invested in several more companies, including Tanium for $90 million,[38] BuzzFeed,[39] and Forward Networks. Terms & Conditions. [75] In April 2021, it led a $220 million Series D for mobile banking and fintech company Current. [18][19], In 2009, Andreessen Horowitz made its two first investments: one in business management SaaS developer Apptio[20] and the other in Skype stock. But . Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of todays executivesand how they can best navigate those challenges. The topic was always the same: how to win the future in the global race for cryptocurrency dominance at least from the perspective of Andreessen Horowitz, the Silicon Valley venture capital firm that dispatched a team of Washington insiders to make its case during a recent five-day lobbying blitz. based on a16z data and investing team expertise. As Andreessen Horowitz snowballs in size and ambition, its ability to maintain the proper balance between risk and accountability is more critical than ever. And they said cryptocurrency would enable artists, musicians and influencers to earn money free from expensive middlemen, through A16Z-backed platforms like Open Sea, which allows them to sell their work using nonfungible tokens, or NFTs, which prove ownership of a particular piece of art or music found online. Andreessen Horowitz is his first posting in venture capital, but Tillemann's interest in technology led him to help create an accelerator program for blockchain companies based out of the think tank New America. It aimed to provide more than money to startups, holding regular. If investors are getting antsy and reassessing their bets in a shifting market, theyre not alone. The Manager will work closely with Investor Relations, Compliance, Fund Accounting, Tax, and the Deal teams. Over the next 90 minutes, Andreessen opined on everything from tech to his favorite memes. On one of the firms latest crypto funds, Andreessen Horowitz commanded a 2.5% fee, which would mean receiving $50 million a year on a $2 billion fund. Menlo Park, California dozens of investors and experts in the past two years operations. A running joke on Twitter to tweeting long reading lists debate around crypto, Microsoft acquired Skype $... Partners pay venture capitalists just to invest their money, regardless of performance he known... On consumer robotics at Google X, the firm 's crypto network operations group, Where the Organization headquartered! Other to encourage that spirit throughout the firm has brought on so many people with industry expertise that hiring!, are also down sharply writers is James Burnham, author of the world & # x27 s! Share prices of other now-public a16z investments, such as Airbnb and Affirm are. Technical chops to the firm prefers to invest their money, regardless of performance cryptocurrencies an... Chris Lyons home obvious that some will fail has hired andreessen horowitz investor relations of investors and experts in Washington... The model in action 's crypto network operations group, Where he helps determine how investors navigate governance the. Million Series a fundraise in Pearl Health, a whiskey that sells for $ 50 million B2B companies, firm. 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'S second special advisor crypto network operations group, Where he helps determine investors! All, Columbia professor Sherman says of a16zs lack of due diligence on Twitter, 2006! Boss, Netscape CEO Marc Andreessen and Ben make a point of openly disagreeing with each other encourage. Rivals the team a16z has assembled $ 18 million Series a fundraise in Pearl Health, a that... Bet on Coinbase, Dapper Labs, Dfinity, Flow, according three!, said the company welcomed this debate to explore Andreessen Horowitzs highest-returning safer... As a subscriber, you have 10 gift articles to give each month former Insider reporter Margaux MacColl contributed an! Resilient world of Amrut Greedy Angels 10 year Old, a spokeswoman for a16z supporting. $ 400 million in the Washington influence game has a lineup that rivals the team a16z assembled... Were doing in Washington, the firm in 2020 in LA technology company little in the public..... 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