a16z to Expand Crypto Startup School with 12-Week Accelerator Program
VC giant a16z announced the relaunch of its “Crypto Startup School” and its expansion into a full accelerator program for entrepreneurs said the firm’s General Partner Chris Dixon. In addition to mentorship and education, participants of the 12-week accelerator program will receive $500,000 in seed funding to build their companies.
New a16z’s Accelerator Program to Provide Entrepreneurs with $500K in Seed Funding
Andreessen Horowitz (a16z), one of the biggest crypto-focused venture capital firms, announced it is relaunching its Crypto Startup School and expanding the initiative into a full accelerator program. The 12-week accelerator program will take place in Los Angeles and will provide the participants with mentorship, education, and $500,000 in seed funding.
“With the newly relaunched cohort, in addition to the educational and mentorship components, participants will now receive $500k in seed funding to build their company. The program will begin on March 6, 2023 and last for 12 weeks, with teams participating in-person in Los Angeles, CA.”Crypto Startup School: relaunched and expanded
The first Crypto Startup School was launched in February 2020 to help entrepreneurs build their web3 projects. The program lasted for 7 weeks, during which participants received training on how to build a web3 startup from the ground up.
40 entrepreneurs who took part in the 2020 program built promising web3 startups including Phantom, Flashbots, Teller, Goldfinch, Afriex, and FanCraze, among others. They collectively raised more than $300 million in VC funding to develop their projects.
Now, a16z decided to relaunch the initiative following the rapid expansion of the web3 industry in the past two years. However, despite the expansion, many startups lack the necessary tools “to build an enduring web3 product,” said Chris Dixon, General Partner at a16z.
Those interested in the program can apply until November 30, 2022. The initiative will “culminate with a Demo Day for teams to present and gain greater visibility among the broader web3 community.”
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a16z Continues Betting on Web3 Despite Crypto Downturn
The relaunch of the Crypto Startup School comes amid an important year for the web3 space. Even though the industry has been experiencing a slowdown due to a broader market downturn, a number of big players forayed into web3 and metaverse in recent months, betting on their long-term potential.
Last week, entertainment giant Konami announced plans to hire “a wide range of talent” to create new web3 and metaverse experiences. Additionally, the company also wants to build a new platform that allows users to trade their in-game non-fungible tokens (NFTs).
Earlier this year, a16z led a $50 million Series A funding round of Proof, a web3 startup behind the popular NFT collection Moonbirds. The VC firm also closed its fourth crypto fund in May, with $4.5 billion in capital commitments.
Do you expect a Web3 boom after the ongoing crypto winter ends? Let us know in the comments below.