Andreessen Horowitz, a notable venture capital firm, is allocating $30 million towards the advancement of technology-centered gaming startups, spanning various sectors including AI, VR/AR, and Web3 games.

Andrew Chen, a general partner at Andreessen Horowitz, recently unveiled the firm's intention to invest in the intersection of technology and gaming, encompassing areas like AI infrastructure, 3D tools, VR/AR, Web3 games, and gamified consumer applications.

This significant investment will be distributed over the next 45 days through Andreessen Horowitz's early-stage accelerator program, known as "SPEEDRUN." Each startup that qualifies for the program will receive $750,000 in funding.

The SPEEDRUN program is structured as a 12-week initiative, offering participants not only financial support but also access to industry experts, mentors, and a community of fellow ambitious founders.

Andreessen Horowitz is welcoming a diverse range of startups, from those in the conceptual phase to those with a fully developed product and substantial revenue streams. However, gaining acceptance into the SPEEDRUN program is highly competitive, with only 1% of applicants securing a spot in the previous cohort.

Despite the fierce competition, the success rate of participants is notable, with 80% of companies from the first SPEEDRUN cohort securing investment from investors post-Demo Day.

Applications for the SPEEDRUN program must be submitted by May 19, and the 12-week course will take place from July 29 to October 20, 2024, in Los Angeles, California.

Graduates from Andreessen Horowitz's SPEEDRUN program in the Web3 gaming sphere include Matchday, a soccer-themed game, and Promodium, which is based on non-fungible tokens (NFTs).

Andrew Chen manages the firm's Game Fund One, a $600 million investment initiative launched in 2022. This fund includes investments in prominent gaming platforms such as Roblox, Sandbox, and Sky Mavis, the developers behind the blockchain game Axie Infinity.

Additionally, Andreessen Horowitz has shown interest in blockchain-based gaming startups through its cryptocurrency division, with investments in companies like Mythical Games, Yield Guild Games, Azra Games, CCP Games, NOD games, and Voldex.

The Web3 gaming market is projected to experience substantial growth, with estimates suggesting an increase from $154 billion to $614 billion by 2030. This signifies a compounded annual growth rate of 21.8%, as per a January report by Fortune Business Insights.