Form 4: Andreessen Horowitz Funds Boost Navan Stake

Andreessen Horowitz-affiliated funds significantly increased their beneficial ownership in Navan, Inc. through multiple Class A Common Stock purchases in late December 2025.

Summary

• Andreessen Horowitz LSV Fund II, L.P. acquired a total of 1,056,534 shares of Navan, Inc. Class A Common Stock across five separate transactions.
• The purchases occurred between December 22, 2025, and December 29, 2025, at weighted average prices ranging from $15.57 to $16.16 per share.
• Following these transactions, Andreessen Horowitz LSV Fund II, L.P. beneficially owns 7,323,480 shares.
• Other Andreessen Horowitz affiliated entities also hold significant 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).
• The aggregate beneficial ownership across all listed Andreessen Horowitz entities totals 27,195,364 shares of Class A Common Stock.
• This Form 4 is the second of three filings related to the same event, necessitated by SEC EDGAR system limits on the number of reporting persons per form.

Sentiment

Score: 8

Explanation: The substantial insider buying by a prominent venture capital firm like Andreessen Horowitz, which also holds a director position and over 10% ownership, is a strong positive signal of confidence in the company's future prospects.

Positives

• Significant insider buying by Andreessen Horowitz-affiliated funds, a prominent venture capital firm and 10% owner, signals strong confidence in Navan, Inc.'s future prospects.
• The consistent purchases across multiple days suggest a deliberate investment strategy rather than a one-off event.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may view the significant insider buying by Andreessen Horowitz as a strong vote of confidence in Navan, Inc.'s valuation and future growth potential, potentially leading to increased investor interest and positive share price movement.

Key Dates

Recommendation

The substantial increase in beneficial ownership by Andreessen Horowitz-affiliated funds, a prominent venture capital firm with director representation and over 10% ownership, signals strong confidence in Navan, Inc.'s future prospects. This significant insider buying activity, totaling over 1 million shares across multiple transactions, suggests that a highly informed investor believes the stock is undervalued or poised for growth, making it an attractive opportunity for other investors.

Keywords

Navan Inc, NAVN, Andreessen Horowitz, Insider Buying, Form 4, Beneficial Ownership, Stock Purchase, Venture Capital, Investment, Equity