Andreessen Horowitz Logo Is Displayed on a Smartphone. Source: Rafael Henrique – inventory.adobe.com
Key Takeaways:
Andreessen Horowitz (a16z) has launched a $30 million funding initiative aimed toward tech-centric gaming startups, specializing in AI, VR/AR, and Web3 applied sciences.
The funding might be distributed by the SPEEDRUN accelerator program, providing $750,000 to every chosen startup together with a 12-week course that includes entry to capital, mentors, and a neighborhood of founders.
Despite the aggressive nature of the SPEEDRUN program, its success is highlighted by the truth that 80% of startups from the primary cohort secured further funding post-Demo Day, underscoring the excessive impression and potential of the initiative.
Venture capital large Andreessen Horowitz (a16z) has unveiled a substantial $30 million funding initiative aimed toward propelling tech-centric gaming startups into the longer term.
This initiative is targeted on harnessing the potential of cutting-edge applied sciences corresponding to AI, VR/AR, and Web3 within the gaming sector.
BIG NEWS:i am investing $30M within the subsequent 45 days through the a16z SPEEDRUN program 😎Yes, $750k per startup that joins the SPEEDRUN program plus obv it’s going to be an effective way to work collectively on one thing. So come work with me at a16z’s SPEEDRUN program — we’ll make investments, work with you,…— andrew chen (@andrewchen) April 1, 2024
Andrew Chen, a normal accomplice at a16z and the lead of the a16z Games One Fund, introduced the funding technique, emphasizing the agency’s dedication to fostering innovation on the nexus of expertise and gaming.
“Our funding is focusing on the thrilling convergence of TECH x GAMES, encompassing a broad spectrum of applied sciences together with AI/infrastructure, 3D instruments, VR/AR, Web3 video games, gamified shopper purposes, and past,” Chen detailed.
This formidable funding might be disbursed over the approaching 45 days by a16z’s early-stage accelerator program, SPEEDRUN.
Also, a enjoyable video from SR002 to give y’all a style of what the Demo Day appears to be like like:https://t.co/QgaWqIv7LR— andrew chen (@andrewchen) April 1, 2024
Each chosen startup becoming a member of this program will obtain $750,000 to gas their progress and improvement.
The SPEEDRUN program, detailed by Chen in a latest social media publish, is not only about monetary funding; it’s a complete 12-week course providing members entry to capital, industry-leading coaches, mentors, and a vibrant neighborhood of forward-thinking founders.
Despite the promising help, the competitors for a spot within the SPEEDRUN program is intense, with solely 1% of candidates making it into the final cohort.
I went to the final @speedrun occasion and it was so inspiring. So a lot innovation taking place in gaming tech. If you are constructing one thing on the intersection of tech and video games, undoubtedly examine this program out. https://t.co/zndS0ZVEKv— Lenny Rachitsky (@lennysan) April 1, 2024
However, Chen highlighted this system’s success, noting that 80% of the startups from the primary cohort of SPEEDRUN have been ready to safe further funding post-Demo Day.
Startups concerned about becoming a member of this wave of innovation have till May 19 to apply, with this system operating 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 sport, and Promodium, which makes use of non-fungible tokens (NFTs).
btw- this might be nice for LA tech!We plan to host this at/round our Santa Monica places of work later this yr, and might be taking groups to wonderful SoCal actions throughout this systemSo sure to lakers video games, hollywood bowl, comedy retailer, and so on., and so on. 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 within the gaming {industry} with investments in notable firms corresponding to Roblox, Sandbox, and Sky Mavis—builders of the favored blockchain sport Axie Infinity.
Additionally, by its cryptocurrency division, a16z has prolonged its funding portfolio to embody blockchain-based gaming startups like Mythical Games, Yield Guild Games, Azra Games, CCP Games, NOD Games, and Voldex.
You ought to observe @speedrun to get updates on our A16Z SPEEDRUN program — we’re investing $750k into dozens of firms over the subsequent 45 days — and gifting away Stanley cups too 😎 https://t.co/LPztqqgacR— andrew chen (@andrewchen) April 1, 2024
With the Web3 gaming market anticipated 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 position in shaping the longer term panorama of the gaming {industry}, demonstrating a powerful perception within the sector’s progress potential by modern expertise purposes.
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