Key Takeaways:
- Venture capital interest in Web3 gaming is surging, with accelerator programs playing a crucial role in providing mentorship and funding to startups, as evidenced by the involvement of prestigious entities like Y Combinator and Andreessen Horowitz.
- Andreessen Horowitz (a16z) has launched a crypto startup accelerator, offering $500,000 for a 7% equity stake to 25 startups across various sectors, including gaming and decentralized applications, for a 10-week program in London.
- The sector’s investment momentum is further highlighted by significant funding rounds and partnerships, such as the Avalanche Foundation’s Codebase accelerator and Helika’s collaboration with Pantera Capital and Sfermion, offering substantial financial backing to emerging Web3 gaming startups.
Investment in Web3 gaming is on the rise, a trend reflected in the increasing number of startups joining accelerator programs amid a burgeoning crypto bull market.
These programs offer vital mentorship and guidance, often exchanging early equity for their services.
📣 Latest News: Web3 startups flock to accelerators as crypto enthusiasm surges#news #cryptonews #crypto
— coinscope (@coinscopecrypto) March 31, 2024
Notably, Y Combinator in the United States has supported several high-profile crypto firms, including Coinbase and OpenSea.
Andreessen Horowitz (a16z) recently unveiled its spring 2024 crypto startup accelerator lineup, introducing 25 startups to a 10-week mentorship program in London, spearheaded by its crypto team.
The selected projects span a range of innovations, from Farcaster infrastructure to decentralized food delivery and zero-knowledge passport authentication. a16z offers $500,000 for a 7% equity stake in each startup, with past participants including Flashbots and Phantom.
Furthermore, on November 9, 2023, the Avalanche Foundation and Ava Labs launched the first cohort for their Codebase accelerator, promising investments of $500,000 to $1 million.
Similarly, Helika, a Web3 gaming infrastructure firm, has partnered with notable venture capital entities like Pantera Capital and Sfermion to provide up to $50 million in funding through its Helika Accelerate program.
Today we’re announcing the full cohort for CSX Spring 2024 in London
Our Crypto Startup Accelerator (CSX) Spring 2024 program kicks off this week, with the founders of 25 promising early-stage startups gathered in London. Over 10 weeks, they’ll learn from each other and receive… pic.twitter.com/KPezgIoytV
— Jason Rosenthal (@jasonrosenthal) March 26, 2024
This resurgence of venture capital interest in crypto is evident with 1kx’s recent $75 million fundraising round and Hack VC’s $150 million round in February.
Symbolic Capital’s Sam Lehman stresses the importance of crypto accelerators in building community and warns founders to be cautious of potentially predatory terms from some accelerators.
Excited to share my first ‘Histories’ piece on the amazing @mheinrich of @0G_labs, who just put together one of the year’s most impressive rounds to build web3’s first modular AI chain.
Imo, most VC’s ‘Why We Invested’ articles miss the most important part of the equation — the… https://t.co/l2nUstzt75
— Sam Lehman (@SPLehman) March 26, 2024
The Web3 gaming sector has also witnessed significant investment activity, with 0G Labs securing a $35 million pre-seed funding round supported by over 40 crypto-native institutions, underscoring the sector’s growing appeal and potential for innovation.
Symbolic Capital is proud to be supporting @0G_labs’ mission to build the first modular AI chain.
Learn more about the story behind OG in our exclusive profile with their Co-Founder @mheinrich.https://t.co/rc4z6eCzGy
— Symbolic Capital (@symbolicvc) March 26, 2024
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