Form 4: Andreessen Horowitz Funds Boost Navan Stake

Andreessen Horowitz-affiliated funds, including Andreessen Horowitz LSV Fund III, L.P., acquired additional Class A Common Stock in Navan, Inc. across three transactions in early January 2026.

Summary

• Andreessen Horowitz LSV Fund III, L.P. and related entities reported the acquisition of Navan, Inc. Class A Common Stock.
• On January 2, 2026, 466,058 shares were purchased at a weighted average price of $16.27 per share, with prices ranging from $16.10 to $16.50.
• On January 5, 2026, an additional 202,729 shares were acquired at a weighted average price of $15.77 per share, with prices ranging from $15.59 to $16.47.
• On January 6, 2026, 308,188 shares were purchased at a weighted average price of $16.74 per share, with prices ranging from $16.28 to $17.00.
• Following these transactions, Andreessen Horowitz LSV Fund II, L.P. beneficially owns 8,300,455 shares.
• Other Andreessen Horowitz affiliated funds hold significant stakes: 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 filing is the second of three Forms 4 related to the same event, necessitated by SEC EDGAR system limits on reporting persons.

Sentiment

Score: 8

Explanation: The filing indicates strong positive sentiment due to significant insider buying by a major institutional investor and 10% owner, Andreessen Horowitz, across multiple transactions. This suggests high confidence in Navan, Inc.'s future prospects.

Positives

• Significant insider buying by a major institutional investor (Andreessen Horowitz) indicates confidence in Navan, Inc.'s future prospects.
• The purchases occurred across multiple dates and price points, suggesting a strategic accumulation rather than a single opportunistic trade.
• Andreessen Horowitz entities collectively hold a substantial stake, reinforcing their commitment as a 10% owner and director.

Future Outlook

NA

Management Comments

• The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.10 to $16.50 inclusive.
• The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
• Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by the AH LSV Fund II Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.
• This Form 4 is the second of three Forms 4 filed relating to the same event. Combined, the three reports report the holdings for the following Reporting Persons: Andreessen Horowitz LSV Fund I, L.P., Andreessen Horowitz LSV Fund I-B, L.P., Andreessen Horowitz LSV Fund I-Q, L.P., AH Equity Partners LSV I, L.L.C., Andreessen Horowitz LSV Fund II, L.P., Andreessen Horowitz LSV Fund II-B, L.P., Andreessen Horowitz LSV Fund II-Q, L.P., AH Equity Partners LSV II, L.L.C., Andreessen Horowitz LSV Fund III, L.P., Andreessen Horowitz LSV Fund III-B, L.P., AH Equity Partners LSV III, L.L.C., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P., AH 2022 Annual Fund-QC, L.P., AH Equity Partners 2022 Annual Fund, L.L.C., Andreessen Horowitz Fund V, L.P., Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P., Andreessen Horowitz Fund V-Q, L.P., CLF Partners, LP, AH Equity Partners V, L.L.C., AH Parallel Fund V, L.P., AH Parallel Fund V-A, L.P., AH Parallel Fund V-B, L.P., AH Parallel Fund V-Q, L.P., AH Equity Partners V (Parallel), L.L.C. and Marc Andreessen. This Form 4 has been split into three filings because there are more than 10 reporting persons in total, and the SEC's EDGAR filing system limits a single Form 4 to a maximum of 10 reporting persons.

Industry Context

The continued investment by a prominent venture capital firm like Andreessen Horowitz in Navan, Inc. suggests ongoing confidence in the travel and expense management software sector, particularly in companies leveraging technology for business travel solutions. This could signal a positive outlook for the industry's growth and adoption of digital platforms.

Related Party Transactions

• The transactions involve Andreessen Horowitz-affiliated funds, which are 10% owners and have director representation on Navan, Inc.'s board, making these related party transactions.

Stakeholder Impact

• Shareholders: Existing shareholders may view the insider buying as a positive signal, potentially increasing confidence and demand for the stock.
• Employees: Continued strong institutional backing can provide stability and confidence for employees.
• Customers/Suppliers: Strong investor confidence can indirectly signal stability and growth potential, which can be positive for business relationships.

Next Steps

• The Reporting Persons undertake to provide full information regarding share purchases at specific prices upon request.
• The remaining Forms 4 related to this event will be filed to report the holdings for all involved Reporting Persons.

Key Dates

Recommendation

The substantial and repeated purchases of Navan, Inc. Class A Common Stock by Andreessen Horowitz, a sophisticated institutional investor and 10% owner, signals strong conviction in the company's long-term value proposition. Such significant insider buying, especially from a firm known for its deep due diligence in the tech sector, often precedes positive performance. While not a guarantee, it suggests that the stock may be undervalued at these price points, making it an attractive 'buy' for investors seeking growth opportunities.

Keywords

Navan, NAVN, Andreessen Horowitz, a16z, insider buying, stock purchase, Form 4, beneficial ownership, venture capital, technology investment