We've hit the 1 year mark! A year ago, we raised GAMES FUND ONE, our first $660M fund focused on games. 25 investments and 10 new hires later, we’ve learned so much. To celebrate, I'm going to share some slides we used to raise the fund. Yes, even VCs have to pitch :)

We structured our pitch deck into a discussion and overview about the games industry - many folks outside the industry needed some context to catch up. And then our investment areas, and then how we approached the team. (I've redacted notes about returns/companies/etc, of course.)

For the overview - Games are driving the GenAI Revolution and these games are having their “Marvel Moment” showcasing their cultural power as some of the top shows – The Last of Us, Movies – Super Mario Movie, and Games are expanding entertainment IP like Hogwarts Legacy.

Here's the "why now" slide - and today we'd update this slide with AI AI AI AI AI AI :) - but there are some amazing tailwinds that the industry has seen over the past decade.

Last year we were very focused on studios, web3, and infrastructure. This year we’ve continued to maintain that focus, but have really started to lean into AI.

In Q1 alone, we met over 100 AI x Games companies. And in 2023, 80% of the Games Fund's investments have had a major AI component - either reinventing core gameplay or creating tools. We need to balance our approach to include all key areas of games, but also adapt to new trends.

A major part of a16z's differentiation has been our Operating Team that helps companies. In fact, the vast majority a16z's staff focuses on that, and it's a small minority that focuses on investing. Gaming startups want help here: 

Last year, we hired operators like Doug McCracken from Supercell to lead Marketing, Lester Chen from Youtube to lead Creators, and Jordan Mazer from Riot to lead Talent. Everyone has a startup mindset—we all act like owners and work without clear directives. (Many more folks to come!)

Andrew Chen

These excerpted slides give a peek into how my team raised a $660 million venture fund focused on the gaming industry. See how we conveyed a compelling investment thesis to investors outside the core gaming audience.

Games Fund Pitch Deck at a16z

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