DOJ PROBES A16Z BOARD SEAT OVERLAP AT RIVAL FIRMS

Ben Horowitz sits on Databricks' board while Martin Casado serves on Fivetran's board—two data infrastructure companies that now compete directly. The DOJ has been examining the arrangement for nearly a year. Board conflicts of interest are common in venture capital, and the companies weren't necessarily competitors when a16z made its initial investments. However, the investigation signals heightened regulatory scrutiny of VC practices that could create competitive concerns. The department's invocation of antitrust statutes against a venture firm is uncommon. Traditional concerns center on whether board overlaps enable collusion, information sharing, or anti-competitive behavior between portfolio companies. A16z has not publicly commented on the investigation. The outcome could influence how other VCs manage board positions across their portfolios, particularly as portfolio companies grow and markets evolve.