Venture firm Andreessen Horowitz (a16z) reported on the launch of a $600 million fund focused on “gaming infrastructure and metaverse technologies.”
GAMES FUND ON will focus on financing studios, infrastructure startups and a broad range of applications that will revolutionise the gaming industry. The company estimates the current market size at $300 billion.
At present, Web 3.0 is more of a set of ideologies; however, the virtual-reality technologies being developed for metaverses with play-to-earn (P2E) models will form the backbone of this concept, the company said.
The structure will support portfolio companies from building digital communities to recruiting development teams, managing the virtual economy and licensing intellectual property.
The fund has enlisted the following experts as advisers:
- David Baszucki, founder of Roblox;
- Jason Citron, founder of Discord;
- Mark Merrill, co-founder of Riot Games;
- Mike Morhaime, co-founder of Blizzard;
- Alex Larsen and Jeffrey Zirlin, co-founders of Sky Mavis;
- Kevin Lin, co-founder of Twitch;
- Mark Pincus, founder of Zynga;
- Riccardo Zacconi, founder of King.
In the past, a16z backed Zynga, Oculus, Roblox and Axie Infinity.
Earlier in April, a16z opened a research division for crypto and other Web 3.0-related technologies.
In March, Haun Ventures, led by former a16z general partner Katie Haun, raised $1.5 billion across two crypto funds with a similar focus.
Earlier, with a Web 3.0 focus, Pantera Capital and Uniswap Labs launched.
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