Andreessen Horowitz–affiliated funds reported a significant ownership stake in Navan, Inc. Class A common stock. As of December 31, 2025, entities associated with Marc L. Andreessen and Benjamin A. Horowitz beneficially owned 27,195,364 shares, representing 11.7% of Navan’s Class A shares.
The filing aggregates holdings across multiple limited partnerships and LLCs, including AH Parallel Fund V, Andreessen Horowitz Fund V, and several LSV funds. The reported percentage is based on 233,339,369 Class A shares outstanding as of December 8, 2025, as disclosed in Navan’s Form 10-Q.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NAVAN, INC.
(Name of Issuer)
Class A Common Stock, $0.00000625 par value
(Title of Class of Securities)
639193101
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Parallel Fund V, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,408,860.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,408,860.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,408,860.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Equity Partners V (Parallel), L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,408,860.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,408,860.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,408,860.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Andreessen Horowitz Fund V, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,081,772.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,081,772.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,081,772.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
CLF Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,001.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,001.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,001.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Equity Partners V, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,098,773.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,098,773.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,098,773.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Andreessen Horowitz LSV Fund I, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6,757,090.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,757,090.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,757,090.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Equity Partners LSV I, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6,757,090.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,757,090.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,757,090.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Andreessen Horowitz LSV Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,323,480.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,323,480.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,323,480.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Equity Partners LSV II, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,323,480.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,323,480.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,323,480.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Andreessen Horowitz LSV Fund III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
607,161.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
607,161.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
607,161.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
AH Equity Partners LSV III, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
607,161.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
607,161.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
607,161.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Marc L. Andreessen
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
27,195,364.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
27,195,364.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
27,195,364.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Benjamin A. Horowitz
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
27,195,364.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
27,195,364.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
27,195,364.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NAVAN, INC.
(b)
Address of issuer's principal executive offices:
3045 Park Boulevard, Palo Alto, CA, 94306.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
AH Parallel Fund V, L.P. ("AH Parallel V")
AH Equity Partners V (Parallel), L.L.C. ("AH Equity V Parallel")
Andreessen Horowitz Fund V, L.P. ("AH V")
CLF Partners, LP ("CLF")
AH Equity Partners V, L.L.C. ("AH EP V")
Andreessen Horowitz LSV Fund I, L.P. ("AH LSV I")
AH Equity Partners LSV I, L.L.C. ("AH EP LSV I")
Andreessen Horowitz LSV Fund II, L.P. ("AH LSV II")
AH Equity Partners LSV II, L.L.C. ("AH EP LSV II")
Andreessen Horowitz LSV Fund III, L.P. ("AH LSV III")
AH Equity Partners LSV III, L.L.C. ("AH EP LSV III")
Marc L. Andreessen ("Andreessen")
Benjamin A. Horowitz ("Horowitz")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
The address for each of the Reporting Persons is:
Andreessen Horowitz
2865 Sand Hill Road, Suite 101
Menlo Park, CA 94025
(c)
Citizenship:
AH Parallel V Delaware
AH Equity V Parallel Delaware
AH V Delaware
CLF Delaware
AH EP V Delaware
AH LSV I Delaware
AH EP LSV I Delaware
AH LSV II Delaware
AH EP LSV II Delaware
AH LSV III Delaware
AH EP LSV III Delaware
Andreessen United States
Horowitz United States
(d)
Title of class of securities:
Class A Common Stock, $0.00000625 par value
(e)
CUSIP No.:
639193101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities includes (i) 10,408,860 shares of Class A common stock directly held by AH Parallel V for itself and as nominee of AH Parallel Fund V-A, L.P., AH Parallel Fund V-B, L.P., and AH Parallel Fund V-Q, L.P.; (ii) 2,081,772 shares of Class A common stock directly held by AH V for itself and as nominee of Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P. and Andreessen Horowitz Fund V-Q, L.P.; (iii) 17,001 shares of Class A common stock directly held by CLF; (iv) 6,757,090 shares of Class A common stock directly held by AH LSV I for itself and as nominee of Andreessen Horowitz LSV Fund I-B, L.P. and Andreessen Horowitz LSV Fund I-Q, L.P.; (v) 7,323,480 shares of Class A common stock directly held by AH LSV II for itself and as nominee of Andreessen Horowitz LSV Fund II-B, L.P. and Andreessen Horowitz LSV Fund II-Q, L.P. and (vi) 607,161 shares of Class A common stock directly held by AH LSV III for itself and as nominee of Andreessen Horowitz LSV Fund III-B, L.P., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P. and AH 2022 Annual Fund-QC, L.P.
AH Equity V Parallel is the general partner of AH Parallel V and may be deemed to have sole power to vote and sole power to dispose of shares of the Issuer held of record by AH Parallel V for itself and as nominee of AH Parallel Fund V-A, L.P., AH Parallel Fund V-B, L.P., and AH Parallel Fund V-Q, L.P. Andreessen and Horowitz are managing members of AH Equity V Parallel and may be deemed to have shared voting and shared dispositive power over the shares held of record by AH Parallel V for itself and as nominee.
AH EP V is the general partner of AH V and CLF and may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer held of record by AH V for itself and as nominee of Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P. and Andreessen Horowitz Fund V-Q, L.P. and by CLF. Andreessen and Horowitz are managing members of AH EP V and may be deemed to have shared voting and shared dispositive power over the shares held of record by AH V for itself and as nominee and by CLF.
AH EP LSV I is the general partner of AH LSV I and may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer held of record by AH LSV I for itself and as nominee of Andreessen Horowitz LSV Fund I-B, L.P. and Andreessen Horowitz LSV Fund I-Q, L.P. Andreessen and Horowitz are managing members of AH EP LSV I and may be deemed to have shared voting and shared dispositive power over the shares held of record by AH LSV I for itself and as nominee.
AH EP LSV II is the general partner of AH LSV II and may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer held of record by AH LSV II for itself and as nominee of Andreessen Horowitz LSV Fund II-B, L.P. and Andreessen Horowitz LSV Fund II-Q, L.P. Andreessen and Horowitz are managing members of AH EP LSV II and may be deemed to have shared voting and shared dispositive power over the shares held of record by AH LSV II for itself and as nominee.
AH EP LSV III is the general partner of AH LSV III and may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer held of record by AH LSV III for itself and as nominee of Andreessen Horowitz LSV Fund III-B, L.P., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P. and AH 2022 Annual Fund-QC, L.P. Andreessen and Horowitz are managing members of AH EP LSV III and may be deemed to have shared voting and shared dispositive power over the shares held of record by AH LSV III for itself and as nominee.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. The percentage set forth in each row 11 is based upon 233,339,369 shares of Class A common stock outstanding as of December 8, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on December 15, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Under certain circumstances set forth in the limited partnership agreements of each of AH Parallel V, AH V, CLF, AH LSV I, AH LSV II, and AH LSV III and the limited liability company agreements of AH Equity V Parallel, AH EP V, AH EP LSV I, AH EP LSV II, and AH EP LSV III, the general partner and limited partners or members, as the case may be, of each of such entities may be deemed to have the right to receive dividends from, or the proceeds from, the sale of shares of the Issuer owned by each such entity of which they are a partner or a member, as the case may be.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
AH Parallel Fund V, L.P.
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners V (Parallel), L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 1)
Date:
02/17/2026
AH Equity Partners V (Parallel), L.L.C.
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
Andreessen Horowitz Fund V, L.P.
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners V, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 2)
Date:
02/17/2026
CLF Partners, LP
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners V, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
AH Equity Partners V, L.L.C.
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
Andreessen Horowitz LSV Fund I, L.P.
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners LSV I, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 3)
Date:
02/17/2026
AH Equity Partners LSV I, L.L.C.
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
Andreessen Horowitz LSV Fund II, L.P.
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners LSV II, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 4)
Date:
02/17/2026
AH Equity Partners LSV II, L.L.C.
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
Andreessen Horowitz LSV Fund III, L.P.
Signature:
/s/ Phil Hathaway
Name/Title:
By AH Equity Partners LSV III, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 5)
Date:
02/17/2026
AH Equity Partners LSV III, L.L.C.
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Chief Operating Officer
Date:
02/17/2026
Marc L. Andreessen
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Attorney-in-Fact
Date:
02/17/2026
Benjamin A. Horowitz
Signature:
/s/ Phil Hathaway
Name/Title:
By Phil Hathaway, Attorney-in-Fact
Date:
02/17/2026
Comments accompanying signature: Note 1: AH Parallel Fund V, L.P. for itself and as nominee for AH Parallel Fund V-A, L.P., AH Parallel Fund V-B L.P. and AH Parallel Fund V-Q, L.P.
Note 2: Andreessen Horowitz Fund V, L.P. for itself and as nominee for Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P. and Andreessen Horowitz Fund V-Q, L.P.
Note 3: Andreessen Horowitz LSV Fund I, L.P. for itself and as nominee for Andreessen Horowitz LSV Fund I-B, L.P. and Andreessen Horowitz LSV Fund I-Q, L.P.
Note 4: Andreessen Horowitz LSV Fund II, L.P. for itself and as nominee for Andreessen Horowitz LSV Fund II-B, L.P. and Andreessen Horowitz LSV Fund II-Q, L.P.
Note 5: Andreessen Horowitz LSV Fund III, L.P. for itself and as nominee for Andreessen Horowitz LSV Fund III-B, L.P., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P. and AH 2022 Annual Fund-QC, L.P.
Exhibit Information
Exhibit 24.1 Power of Attorney for Marc L. Andreessen, dated June 23, 2023.
Exhibit 24.2 Power of Attorney for Benjamin A. Horowitz, dated June 22, 2023.
Exhibit 99.1 Joint Filing Agreement
What ownership stake does Andreessen Horowitz report in Navan (NAVN)?
Andreessen Horowitz–affiliated entities report beneficial ownership of 27,195,364 Navan Class A shares, or 11.7% of the class. This combined stake reflects holdings across several funds and entities associated with Marc L. Andreessen and Benjamin A. Horowitz as of December 31, 2025.
How many Navan (NAVN) shares are outstanding for the 13G calculation?
The reported 11.7% ownership is calculated using 233,339,369 Navan Class A shares outstanding. This share count comes from Navan’s Form 10-Q, which stated 233,339,369 Class A shares outstanding as of December 8, 2025, providing the basis for all percentage figures.
Which Andreessen Horowitz funds hold Navan (NAVN) Class A shares?
Navan shares are held by AH Parallel Fund V, Andreessen Horowitz Fund V, CLF Partners, and Andreessen Horowitz LSV Funds I, II, and III. Related AH Equity Partners entities act as general partners, with Andreessen and Horowitz as managing members overseeing voting and dispositive power structures.
What is Marc Andreessen’s and Ben Horowitz’s reported role in Navan (NAVN) ownership?
Marc L. Andreessen and Benjamin A. Horowitz are listed as reporting persons with shared voting and dispositive power over 27,195,364 Navan Class A shares. Their influence arises through managing member roles in various AH Equity Partners entities that act as general partners of the investment funds.
How are voting and dispositive powers over Navan (NAVN) shares allocated?
Sole voting and dispositive power reside at the fund or GP-entity level, such as AH Parallel Fund V and several AH Equity Partners LLCs. Marc Andreessen and Ben Horowitz may be deemed to share voting and dispositive power through their managing member positions in these general partner entities.
What does the Schedule 13G filing for Navan (NAVN) indicate overall?
The Schedule 13G indicates that Andreessen Horowitz–related funds collectively hold an 11.7% beneficial stake in Navan Class A stock. It details fund-level positions, control relationships, and how voting and dispositive powers are structured across partnerships and LLCs as of December 31, 2025.
