a16z General Partner Andrew Chen has announced on X that he would be investing up to $30 million in the Andreessen Horowitz SPEEDRUN program through the a16z Games Fund One.

a16z Games Fund To Inject $750K Each Into Qualifying Startups

Per a statement from a16z, the SPEEDRUN program is an “early-stage accelerator for startups at the intersection” of tech and games.

The $30 million fund is going to startups focused on gaming-related technologies. Each startup would get as much as $750,000 after they have joined the SPEEDRUN program. 

“We’ll invest, work with you, expose you to the world’s top investors/mentors, etc.,” Chen added. 

The deadline for those who intend to join the program is May 19, 2024. Those who get selected will likely be notified on or before the end of June. Thereafter, a 12-week program will commence during which the final winners of the fund will be selected.

“Our intensive 12-week program is highly selective, with ~ 1% of applicants accepted in our last cohort. Participants are supported not just with capital, but also by a highly curated set of industry coaches, mentors, and a community of ambitious founders,” Chen mentioned in his X post.

Notably, Chen is responsible for overseeing Games Fund One, a16z’s $600 million fund that was almost two years ago. 

The fund is supported by top founders from successful tech and gaming companies like Roblox, Discord, and Riot Games. It also includes Aleks Larsen and Jeffrey Zirlin, co-founders of Sky Mavis, the firm that created “Axie Infinity,” the first blockchain game to attract a larger number of gamers.

A New Pivot Toward Web3 Startups

Over time, Games Fund One has directed its investments towards different gaming-related ventures including Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR). It has also made a few investments in Web3.0 startups. In one LinkedIn post from 2023, Chen confirmed that the fund was “very focused on studios, web3, and infrastructure” in its first year and has plans to direct its attention to AI during its second year.

Beyond Games Fund One, a16z has made some investments in blockchain-based gaming projects through its crypto division. Some beneficiaries of such investments are Mythical Games and Voldex, two top blockchain gaming companies. 

Similarly, Immutable and Polygon Labs recently announced a partnership to establish a $100 million fund dedicated to Web3 gaming to spur the development of early-stage gaming startups in the blockchain space.

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link