Form 4: Andreessen Horowitz Funds Boost Navan Stake

Andreessen Horowitz affiliated funds, including a 10% owner, significantly increased their beneficial ownership in Navan, Inc. through recent open market purchases.

Summary

• Andreessen Horowitz LSV Fund II, L.P., an affiliate of a 10% owner and director of Navan, Inc. (NAVN), purchased a total of 692,395 shares of Class A Common Stock.
• The purchases occurred over three days: 347,600 shares on December 17, 2025, at a weighted average price of $12.65; 103,960 shares on December 18, 2025, at $13.61; and 240,835 shares on December 19, 2025, at $14.70.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan.
• Following these transactions, Andreessen Horowitz LSV Fund II, L.P. beneficially owns 6,266,946 shares.
• Other Andreessen Horowitz affiliated funds also hold significant indirect beneficial ownership, including Andreessen Horowitz LSV Fund I, L.P. (6,757,090 shares), Andreessen Horowitz LSV Fund III, L.P. (607,161 shares), Andreessen Horowitz Fund V, L.P. (2,081,772 shares), CLF Partners, LP (17,001 shares), and AH Parallel Fund V, L.P. (10,408,860 shares).
• This Form 4 is the first of three related filings due to the number of reporting persons exceeding the SEC's EDGAR system limit.

Sentiment

Score: 8

Explanation: The filing indicates significant insider buying by a prominent venture capital firm and 10% owner, Andreessen Horowitz, across multiple affiliated funds. This strong vote of confidence, especially with purchases made at increasing prices, suggests a positive outlook for Navan, Inc. from a key stakeholder.

Positives

• Significant insider buying by Andreessen Horowitz affiliated funds, indicating confidence in Navan, Inc.'s future prospects.
• The purchases were made at increasing prices ($12.65, $13.61, $14.70), suggesting a willingness to acquire shares even as the stock price rose.
• Transactions were conducted under a Rule 10b5-1 plan, indicating a pre-planned investment strategy.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Related Party Transactions

• Purchases of Class A Common Stock by Andreessen Horowitz LSV Fund II, L.P., an affiliate of Andreessen Horowitz LSV Fund I, L.P., which is a 10% owner and has a director relationship with Navan, Inc.

Stakeholder Impact

• Shareholders: May view the significant insider buying as a positive signal, potentially increasing investor confidence and demand for the stock.
• Company Management: The continued investment by a major venture capital firm and 10% owner reinforces alignment of interests and potential strategic support.

Next Steps

• The remaining two Forms 4 related to this event will be filed, providing a complete picture of all reporting persons' holdings.

Key Dates

Recommendation

The substantial and consistent insider buying by Andreessen Horowitz, a sophisticated institutional investor and 10% owner, signals strong conviction in Navan, Inc.'s future. The purchases were made at escalating prices, further reinforcing this positive sentiment. Such significant insider activity, especially from a well-regarded firm, often precedes positive price movements and suggests the stock may be undervalued or poised for growth. This filing provides a compelling reason for investors to consider a 'strong buy' position.

Keywords

Navan Inc, NAVN, Andreessen Horowitz, Insider Buying, Form 4, Stock Purchase, Venture Capital, Investment, Equity, Class A Common Stock