Updated: Monday, July 6th, 2009

Marc Andreessen and Ben Horowitz, who have spent years building and running various online enterprises, have announced the formation of a venture capital firm with at least $300 million in funds.

Andreessen Horowitz will fund technology start-ups with investments ranging from $50,000 to $50 million, regardless of their size or stage.

"Innovation is thriving despite the current economic climate," says Andreessen. "[We] are huge supporters of entrepreneurs and want to help turn today's sparks of brilliance into the next big thing."

The firm's focus will be on investing in start-ups in the technology sector, including back-end infrastructure and consumer internet start-ups. Innovative technologies that may be eligible for funding include cloud computing, networking and enterprise applications to consumer internet companies and social media businesses.

Both entrepreneurs are graduates of bachelors or masters programs in computer science, and have previously co-founded the web infrastructure company Loudcloud, later named Opsware which was acquired by Hewlett-Packard.

Other people who have been successful in e-commerce or venture capital fields included those with MBAs or degrees in international business.

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