New Enterprise Associates (NEA) is one of the oldest and largest venture capital firms in the United States, founded in 1977 by Chuck Newhall III, Frank Bonsal Jr., and C. Richard Kramlich in Baltimore, Maryland. Over nearly five decades, the firm has raised more than $25 billion in committed capital across its flagship funds, making it a significant force in both technology and healthcare investing. NEA operates from offices in Menlo Park, New York, and Washington D.C., with a primary focus on early- and growth-stage companies in North America.
The firm's strategy has always centered on backing category-defining companies at the intersection of technology and large addressable markets. NEA typically writes checks ranging from seed stage through Series C, and it has historically taken board seats in high-conviction bets. Its technology portfolio spans enterprise software, fintech, consumer internet, and – more recently – digital assets and blockchain infrastructure. With 31 tracked crypto and Web3 investments and 7 lead positions, NEA approaches digital assets as a structural technology shift rather than a speculative trade.
Notable investments
- Salesforce – early-stage backer of what became the world's largest CRM platform
- Workday – participated in growth rounds ahead of its 2012 IPO
- Cloudflare – backed the network infrastructure company before its 2019 public offering
- Groupon – one of the fastest-growing consumer internet companies at the time of NEA's investment
- Coinbase – invested in early funding rounds of the leading US crypto exchange, which went public via direct listing in April 2021
- Anchorage Digital – backed the institutional crypto custodian that became the first federally chartered digital asset bank in the US, granted an OCC charter in January 2021
- Robinhood – participated in growth rounds of the commission-free trading platform before its 2021 IPO
Across its broader portfolio, NEA has generated over 225 IPOs and more than 390 acquisitions, according to Crunchbase records.
Team
The founding generation has gradually transitioned leadership. Mohamad Makhzoumi serves as Managing General Partner, stepping into a role previously held by Scott Sandell, who led the firm for over a decade. The partnership includes sector-focused general partners covering enterprise technology, consumer, and life sciences. Tony Florence has led key consumer and fintech investments. The firm employs a team-based model where multiple partners assess each deal, reducing dependence on any single decision-maker. Public information about individual partner track records within the crypto vertical is limited.
Recent activity
NEA underwent significant internal restructuring in 2023 and 2024. Several senior partners departed or shifted roles, and the firm publicly signaled a tighter focus on its core strengths – enterprise software and healthcare – while maintaining selective exposure to digital asset infrastructure. The firm has been more cautious about new crypto commitments following the 2022 market downturn and the collapse of FTX, preferring regulated custody and compliance-layer companies over speculative DeFi protocols. NEA did not make any high-profile lead announcements in crypto during 2025, though it participated in follow-on rounds for existing portfolio companies. For the latest fund activity, see SEC Form D filings.
With a retail ROI of 0.41 across tracked crypto positions, NEA's digital asset performance reflects the broader difficulty institutional generalist VCs face when allocating into a sector dominated by specialist funds. Its long-term record in technology remains strong, and its institutional relationships give it access to late-stage crypto rounds that smaller funds cannot reach. The firm is likely to remain a selective but relevant participant in blockchain infrastructure deals – particularly in custody, compliance, and regulated fintech – rather than a primary driver of early-stage Web3 capital.