Andreessen Horowitz (a16z), a major Silicon Valley venture capital (VC) firm, has officially opened an office in Seoul to support its portfolio companies' expansion into the Korean and Asian markets, it said on Sunday.

A16z manages about $100 billion in assets. Beyond investing, it supports portfolio companies' market expansion and growth through a global network spanning talent recruitment, business development, policy cooperation, media support and partner community building.

A16z said it selected Korea as a strategic base in Asia after highly rating the country's global competitiveness across industries including AI, manufacturing, defense, crypto, content and consumer goods, along with its strong technical talent and high market receptiveness.

A16z's Korea office will initially focus on the crypto sector and then gradually expand the scope of its activities.

Sungmo Park (박성모), appointed alongside a16z's announcement of its Asia expansion in December last year, will be based in the Seoul office as a16z Crypto's Asia-Pacific go-to-market lead. Drawing on experience gained at Naver and the Monad Foundation, Park will support a16z Crypto portfolio companies' expansion into the Korean and Asian markets.

"A16z focuses on supporting portfolio companies' growth and market expansion beyond simple investment," Park said. "We will actively push portfolio companies' expansion into the Korean and Asian markets based out of the Seoul office."