Andreessen Horowitz, the Silicon Valley-based venture capital powerhouse co-founded by Marc Andreessen and Ben Horowitz, has unveiled a new $30 million funding initiative aimed at bolstering gaming startups. Over the next 45 days, the firm will be targeting investments in the gaming sector, as announced by Andrew Chen, a general partner for a16z Games, on the social media platform X.
Details of the a16z Speedrun Program
The investment will be channeled through the firm's a16z Speedrun program, with each selected startup receiving $750. Gaming startups aspiring to secure a spot in this lucrative program have until May 19 to apply, with notifications for shortlisted candidates scheduled for the end of July.
The Speedrun program, now in its third iteration, is designed as an early-stage accelerator focusing on startups at the crossroads of technology and gaming. It offers a rigorous 12-week schedule, providing participants not only funding but also close collaboration opportunities with Andreessen Horowitz. Participants will gain access to a network of investors and mentors, enhancing their growth and development prospects. The program prides itself on its selectivity, with a mere 1% acceptance rate in its last cohort. Remarkably, 80% of the startups from the inaugural cohort successfully secured further investment post-demo.
The Rising Tide of Web3 Gaming
In parallel to the a16z initiative, the broader web3 gaming industry is experiencing a surge in interest and investment. The sector, which combines blockchain technology with gaming, saw investment rounds totaling $1.7 billion in 2023, underscoring the vibrant growth and development within this space. A significant portion of this investment has been funneled into the 270 blockchain games currently in development on the Immutable platform.
Highlighting the sector's dynamism, recent collaborative ventures such as the $100 million gaming fund launched by King River Capital, Immutable, and Polygon Labs, signal the industry's bullish outlook. Furthermore, web3 gaming platform Elixir Games recently secured $14 million in seed funding from notable investors including Square Enix, the Solana Foundation, Shima Capital, among others. This infusion of capital will support the launch of Elixir Games' native token, “$ELIX”, and its forthcoming "Launchpad & Incubation Program".
Similarly, Illuvium, another key player in the web3 gaming arena, announced a $12 million series A funding round. This round saw participation from a range of investors, including King River Capital, Arrington Capital, and Animoca Ventures, highlighting the continued confidence in the growth potential of blockchain-based gaming.
We must also remind that the SpaceCatch beta will be launched this month.
#Web3 #gaming #SpaceCatch
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