Andreessen Horowitz Announces $30 Million Investment in Innovative Gaming Startups
The company Andreessen Horowitz (a16z) has said it plans to put $30 million into gaming startups that focus on technology like AI, virtual and augmented reality, and Web3 games.
Andrew Chen, a key partner at a16z and head of the a16z Games One Fund, stated, “Our focus is on combining TECH and GAMES, which includes AI and infrastructure, 3D tools, virtual and augmented reality, Web3 games, apps that use game elements, and a lot more.”
He also mentioned that this $30 million would be distributed over the next 45 days through their “SPEEDRUN” program for early-stage companies. Chen shared in a post on April 1 on X (formerly Twitter) that each startup joining the program would receive $750,000.
The program runs for 12 weeks. It offers money, advice from industry experts, mentors, and a group of driven founders, according to Chen.
Chen mentioned that a16z welcomes various startups. This includes groups just starting with an idea or those with a product making money.
Getting into a16z’s SPEEDRUN program is tough, with only 1% making it in the recent group. Yet, Chen shared that 80% of the first group of SPEEDRUN managed to get investor funding after Demo Day.
You must send in your applications by May 19. The course lasts for 12 weeks, from July 29 to Oct. 20, 2024, in Los Angeles, California.
Some graduates of the a16z SPEEDRUN program are the soccer game Matchday and the game Promodium, which uses nonfungible tokens, both based on Web3.
Chen is in charge of the company’s Game Fund One, worth $600 million, started in 2022. This fund has put money into Roblox, Sandbox, and Sky Mavis, the team behind Axie Infinity, a game on the blockchain.
This company from Silicon Valley has put money into companies that make games using blockchain. They did this through their division that deals with cryptocurrencies. Some of these companies include Mythical Games, Yield Guild Games, Azra Games, CCP Games, NOD games, and Voldex.
According to a January Fortune Business Insights survey, the Web 3 gaming economy is expected to grow from a value of $154 billion to $614 billion by the year 2030. This implies that it will expand at a pace of 21.8% every year.
