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Venture Capital Firm Invests $30 Million in Gaming Startups
Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) has announced a $30 million investment in gaming startups over the next 45 days. The firm, founded by Marc Andreessen and Ben Horowitz, is set to support innovative companies in the gaming industry.
a16z Speedrun Program
Andrew Chen, a general partner for a16z Games, revealed the funding announcement on social media. The $30 million investment will be channeled through the a16z Speedrun program, with $750 allocated per startup. Gaming startups interested in applying for the funding have until May 19 to submit their applications. Successful applicants will be notified by the end of July.
Selected startups will have the opportunity to work closely with a16z, gaining exposure to investors and mentors as part of the Speedrun program.
Accelerating Tech x Games Startups
a16z Games’ Speedrun program is described as an early-stage accelerator for startups at the intersection of technology and gaming. The program aims to provide support and resources to help startups grow and succeed in the competitive gaming industry.
According to a16z, the 12-week program is highly selective, with only 1% of applicants accepted in the last cohort. Notably, 80% of startups from the first cohort secured funding from investors following the demo day.
Web3 Gaming Industry Growth
The web3 gaming sector is experiencing rapid growth in 2024, attracting significant venture capital investment. In 2023, blockchain gaming-related funding rounds totaled $1.7 billion, with a substantial portion flowing to the 270 blockchain games under development on Immutable.
Recent collaborations in the industry include a $100 million gaming fund launched by King River Capital, Immutable, and Polygon Labs. Additionally, Elixir Games secured $14 million in a seed funding round from investors like Square Enix, the Solana Foundation, and Shima Capital.
Illuvium, another web3 gaming firm, announced a successful $12 million Series A funding round, with contributions from notable investors such as King River Capital, Arrington Capital, and Animoca Ventures.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
