Silicon Valley-based venture capital powerhouse Andreessen Horowitz (a16z), co-founded by Marc Andreessen and Ben Horowitz, has announced a significant investment of $30 million in gaming startups over the next 45 days.
Andrew Chen, a General Partner at a16z Games, revealed the funding initiative on the social media platform X. The investment will be channeled through the a16z Speedrun program, with each selected startup receiving an allocation of $750. The application deadline for funding consideration is May 19, and successful applicants will be notified by the end of July.
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
Chen emphasized that startups chosen to participate in the Speedrun program will benefit from close collaboration with a16z, gaining exposure to experienced investors and mentors.
This marks the third iteration of the Speedrun program by a16z Games, described as an early-stage accelerator catering to startups at the intersection of Technology and Gaming.
According to a16z, the 12-week Speedrun program is highly competitive, with only 1% of applicants accepted in the last cohort. Notably, 80% of startups from the inaugural cohort secured funding from investors following their demos.
The investment comes amidst rapid growth in the web3 gaming sector, attracting substantial venture capital interest. In 2023 alone, blockchain gaming-related rounds reached a staggering $1.7 billion, with a significant portion directed towards the 270 blockchain games under development on Immutable.
In a separate development, King River Capital, Immutable, and Polygon Labs recently announced a joint venture to launch a $100 million gaming fund.
Highlighting recent funding activities, web3 gaming platform Elixir Games secured $14 million in a seed funding round. This investment, backed by Square Enix, the Solana Foundation, Shima Capital, and others, will facilitate the launch of Elixir Games’ native token “$ELIX” and its “Launchpad & Incubation Program,” scheduled to go live later this year.
Additionally, Illuvium, another web3 gaming firm, announced a successful Series A funding round, raising $12 million. Investors include Australian venture capital firm King River Capital, Arrington Capital, and Animoca Ventures.
These developments underscore the growing momentum in the web3 gaming space, with a16z’s investment and expanded accelerator program poised to further catalyze innovation and growth within the industry.
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