Anil Dash Says Mega-VCs Have Become ‘Cancer Capital’

Venture capital traditionally compensated investors for backing risky startups, with losses offset by a small number of major winners. Technology writer Anil Dash argues that firms led by Andreessen Horowitz, or a16z, have evolved into sprawling asset managers able to invest across private equity, public shares and crypto. In his view, steady management fees and early liquidity insulate the largest firms from portfolio failures while shifting exposure toward pension funds and retail retirement accounts, reshaping incentives across the startup ecosystem.

Dash published the critique on Sept. 2, 2026, labeling the model “Cancer Capital.” He calculated that a firm charging a 2% annual fee on $50 billion would collect $1 billion regardless of investment performance. Dash also said Marc Andreessen, Ben Horowitz and a16z had committed $115.3 million during the 2026 midterm cycle, up from $63 million in 2024, while the firm represented more than 20% of political contributions among the crypto and AI companies tracked by Molly White’s Tech Influence Watch.