Brayden Lindrea21 minutes agoAndreessen Horowitz to invest $30M in tech-fueled gaming startups$750,000 will be handed out to a maximum of 40 companies, however, a16z’s early-accelerator only accepts around 1% of applicants.114 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksVenture capital firm Andreessen Horowitz (a16z) has announced it will be investing $30 million in technology-centric gaming startups, including AI, VR/AR and Web3 games.
“We are investing at the intersection of TECH x GAMES, which means AI/infra, 3D tools, VR/AR, web3 games, gamified consumer apps, and much more,” announced Andrew Chen, a general partner at a16z, who oversees a16z’s Games One Fund.
The $30 million will be invested across the next 45 days via the firm’s early-stage accelerator “SPEEDRUN” program, Chen said in an April 1 X post, with $750,000 handed out to each startup that joins the program. Source:Andrew Chen
The program consists of a 12-week program, with participants supported with capital, as well as industry coaches, mentors, and a "community of ambitious founders,” said Chen.
Chen noted that a16z is open-minded to a range of startups — from teams only in the ideas phase to teams with an established product and real revenue.
Competition into a16z’s SPEEDRUN program is fierce though, with only 1% of applicants admitted into the last cohort. However, Chen said 80% of companies from SPEEDRUN’s first cohort secured funding from investors following Demo Day.Also, a fun video from SR002 to give y"all a taste of what the Demo Day looks like:https://t.co/QgaWqIv7LR— andrew chen (@andrewchen) April 1, 2024
Applications must be submitted by May 19, with the 12-week course running between July 29 and Oct. 20, 2024, in Los Angeles, California.
Web3 graduates from a16z’s SPEEDRUN program include soccer-themed Matchday and nonfungible token-based Promodium, both Web3 games.
Related:‘Tens of millions’ to enter Web3 through gaming in 2024 — GameFi execs
Chen oversees the firm’s $600 million Game Fund One, which launched in 2022 and includesinvestments in Roblox, Sandbox and Sky Marvis — the creators of the blockchain game Axie Infinity.
The Silicon Valley firm has also invested in blockchain-based gaming startups through its cryptocurrency division, such as Mythical Games, Yield Guild Games, Azra Games, CCP Games,NOD games and Voldex.
The Web3 gaming market is projected to grow from $154 billion to $614 billion by 2030, according to a January report by Fortune Business Insights — marking a compounded annual growth rate of 21.8%.
Magazine:Web3 Gamer: Games need bots? Illivium CEO admits ‘it’s tough,’ 42X upside# Blockchain# Business# Adoption# Games# Mobile games# Blockchain Game# NFT# Gaming# GameFiAdd reaction