President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Joe Horowitz is a venture capital traditionalist.
He believes in best practices, business fundamentals and calculated bets. But as megafunds and hundred-million-dollar rounds balloon valuations and flood the space, the Icon Ventures managing general partner finds himself fighting money with money.
"If we don't adjust to the reality of the implications of what the megafunds mean for us, we're at risk for our business," Horowitz told CNBC in an interview. "To be relevant today ... you need enough capital."
Icon Ventures plans to announce the expansion of its most recent fund by an additional $110 million. Icon's Fund VI had previously closed at $265 million, but is now getting a 40 percent bump to $375 million in committed capital.
"When we look at the kind of rounds that we're invested in — with some of the best firms on the planet — we need more capital," said Horowitz.
Icon focuses on Series B and C rounds, and counts successful exits in companies like 41st Parameter and Calypto and in now-public companies like FireEye and Palo Alto Networks. The firm manages more than $1 billion in total.
But megafunds like SoftBank are raising the ante, inflating valuations and pushing the market toward correction, Horowitz said.
"I have a lot of respect for [SoftBank CEO] Masa Son, but the notion of $100 billion when success in our world is a $20 billion outcome — it's a very different business," he said. "Venture capital is more about metering in money at different size financings as the company demonstrates the right kind of progress."
Icon's newest financing will help the firm compete, though it won't be shifting investment strategy soon. Horowitz said the extra $110 million will be invested in software, security and consumer deals — like much of its previous funding.
Icon will also look at the internet of things and blockchain applications that it finds "compelling and legitimate," Horowitz said.
Correction: An earlier version of this story misidentified Joe Horowitz as being related to Ben Horowitz of Andreessen Horowitz.