Andreessen Horowitz (a16z), the Silicon Valley-based venture capital firm founded by Marc Andreessen and Ben Horowitz, will invest $30 million in gaming startups over the next 45 days.
Andrew Chen is a general partner. a16z Games shared the funding announcement on social media platform X. Chen said the company will invest $30 million through the a16z Speedrun program, with $750 allocated to each startup. The deadline for funding applications is May 19th, and finalists will be notified at the end of July.
Gaming startups selected to participate speed run program Working closely with a16z, Chen said he is exposed to investors and leaders.
This is the third Speedrun program launched by a16z Games and is described as an early-stage accelerator for startups at the intersection of Tech x Games.
Big news:
We will invest $30 million over the next 45 days through the a16z SPEEDRUN program 😎Yes, each startup that participates in the SPEEDRUN program will receive $750,000. Plus, it’s obviously a great way to collaborate on something. So come work with me in his SPEEDRUN program on a16z – we will invest and work with you…
— Andrew Chen (@andrewchen) April 1, 2024
According to Venture Capital, The 12-week program is “highly selective,” with only 1% of applicants accepted in the final cohort. The company said 80% of startups in the program’s first cohort secured funding from investors after the demo.
Web3 games are growing
In 2024, Web3 gaming will grow rapidly and the field will attract more VC investments. In 2023, Blockchain gaming related rounds reached $1.7 billion A significant part of that flows through the 270 blockchain games in development at Immutable.
recently King River Capital, blockchain gaming company Immutable, Polygon Labs announced Together they launched a $100 million gaming fund.
last week, Web3 gaming platform Elixir Games has raised $14 million in a seed funding round from Square Enix, Solana Foundation, Shima Capital and others. fRounding is used by Elixir Games releases native token “$”ELIX” and its “Launchpad & Incubation Program” will begin later this year.
Web3 game company Illuvium announced The company has raised $12 million in a Series A funding round with contributions from investors including Australian venture capital firm King River Capital, Arlington Capital and Animoca Ventures.
