Key Takeaways:
- Andreessen Horowitz (a16z) has launched a $30 million investment initiative aimed at tech-centric gaming startups, focusing on AI, VR/AR, and Web3 technologies.
- The investment will be distributed through the SPEEDRUN accelerator program, offering $750,000 to each selected startup along with a 12-week course featuring access to capital, mentors, and a community of founders.
- Despite the competitive nature of the SPEEDRUN program, its success is highlighted by the fact that 80% of startups from the first cohort secured additional funding post-Demo Day, underscoring the high impact and potential of the initiative.
Venture capital giant Andreessen Horowitz (a16z) has unveiled a substantial $30 million investment initiative aimed at propelling tech-centric gaming startups into the future.
This initiative is focused on harnessing the potential of cutting-edge technologies such as AI, VR/AR, and Web3 in the gaming sector.
BIG NEWS:
i’m investing $30M in the next 45 days via the a16z SPEEDRUN program 😎Yes, $750k per startup that joins the SPEEDRUN program plus obv it’ll be a great way to work together on something. So come work with me at a16z’s SPEEDRUN program — we’ll invest, work with you,…
— andrew chen (@andrewchen) April 1, 2024
Andrew Chen, a general partner at a16z and the lead of the a16z Games One Fund, announced the investment strategy, emphasizing the firm’s commitment to fostering innovation at the nexus of technology and gaming.
“Our investment is targeting the exciting convergence of TECH x GAMES, encompassing a broad spectrum of technologies including AI/infrastructure, 3D tools, VR/AR, Web3 games, gamified consumer applications, and beyond,” Chen detailed.
This ambitious investment will be disbursed over the coming 45 days through a16z’s early-stage accelerator program, SPEEDRUN.
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
Each selected startup joining this program will receive $750,000 to fuel their growth and development.
The SPEEDRUN program, detailed by Chen in a recent social media post, is not just about financial investment; it’s a comprehensive 12-week course offering participants access to capital, industry-leading coaches, mentors, and a vibrant community of forward-thinking founders.
Despite the promising support, the competition for a spot in the SPEEDRUN program is intense, with only 1% of applicants making it into the last cohort.
I went to the last @speedrun event and it was so inspiring. So much innovation happening in gaming tech.
If you’re building something at the intersection of tech and games, definitely check this program out. https://t.co/zndS0ZVEKv
— Lenny Rachitsky (@lennysan) April 1, 2024
However, Chen highlighted the program’s success, noting that 80% of the startups from the first cohort of SPEEDRUN were able to secure additional funding post-Demo Day.
Startups interested in joining this wave of innovation have until May 19 to apply, with the program running from July 29 to October 20, 2024, in Los Angeles, California.
The accelerator has already seen success with Web3 gaming startups like Matchday, a soccer-themed game, and Promodium, which utilizes non-fungible tokens (NFTs).
btw- this will be great for LA tech!
We plan to host this at/around our Santa Monica offices later this year, and will be taking teams to amazing SoCal activities during the program
So yes to lakers games, hollywood bowl, comedy store, etc., etc. Should be a blast https://t.co/4Vkts1gF2c
— andrew chen (@andrewchen) April 1, 2024
Overseeing the $600 million Game Fund One, Chen and a16z have already marked their presence in the gaming industry with investments in notable companies such as Roblox, Sandbox, and Sky Mavis—developers of the popular blockchain game Axie Infinity.
Additionally, through its cryptocurrency division, a16z has extended its investment portfolio to include blockchain-based gaming startups like Mythical Games, Yield Guild Games, Azra Games, CCP Games, NOD Games, and Voldex.
You should follow @speedrun to get updates on our A16Z SPEEDRUN program — we’re investing $750k into dozens of companies over the next 45 days — and giving away Stanley cups too 😎 https://t.co/LPztqqgacR
— andrew chen (@andrewchen) April 1, 2024
With the Web3 gaming market expected to burgeon from $154 billion to $614 billion by 2030, as reported by Fortune Business Insights, a16z’s strategic investments are set to play a pivotal role in shaping the future landscape of the gaming industry, demonstrating a strong belief in the sector’s growth potential through innovative technology applications.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
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