Andrew Chen, General Partner at Andreessen Horowitz (a16z), has revealed his plans to invest $30 million in multiple gaming-related tech startups via the venture capital firm’s early-stage accelerator, SPEEDRUN.
The announcement comes as the 2024 session of SPEEDRUN, now in its third iteration, opened its doors for applications on April 1, 2024. In a social media post on the same day, Chen encouraged aspiring projects and startup teams to seize the opportunity for growth and development within the immersive program.
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
The 12-week in-person program, scheduled to run from July 29 to October 20, 2024, will be held in Los Angeles, USA. In addition to the financial backing, selected participants will benefit from a comprehensive support system, including industry coaches, mentors, and a vibrant community of ambitious founders.
The program features sessions designed around the specialized needs of tech and games startups and features sessions with industry leaders. It culminates in a “Demo Day” held during SF Tech Week, where participants showcase their products to investors.
According to the a16z, 80% of companies from SPEEDRUN’s first cohort secured funding from investors following Demo Day. Notably, selected projects in the SPEEDRUN program are guaranteed an investment of $ 750,000 from the venture capital firm.
With $35 billion in assets under management across various funds, a16z has carved a niche for itself as a leading supporter of cutting-edge entrepreneurs in the technology sector. The firm’s investment interests span diverse domains, including AI, healthcare, consumer, crypto, fintech, and gaming.
The venture capital firm’s speciality often borders on the intersection of technology and gaming. So far, its investments have focused on projects building AI infrastructure, 3D tools, VR/AR, web3 games, gamified consumer apps, and more. The firm welcomes innovative ideas at all stages of development.
Applications for SPEEDRUN will close on May 19, 2024.
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