Seven Startups Get Selected For The Sandbox Metaverse Accelerator Program
Only seven startups qualified for The Sandbox Metaverse Accelerator Program, despite over 800 applications.
The SandBox announces the selected startups for the maiden cohort of The Sandbox Metaverse Accelerator Program. In January 2022, The SandBox in a tweet introduced The Sandbox Metaverse Accelerator Program, in collaboration with Brinc, a venture firm and accelerator firm, and Animoca Brands.
Investment Stages of The Sandbox Metaverse Accelerator Program
The collaborators plan to use $50M to enhance 100 startups in the Metaverse space. According to the program setup, each selected company is entitled to approximately $250,000 - $500,000. However, only the cohort’s best performers will receive extra grants after the initial investment of $250,000.
Extra grants could reach up to $150,000 in SAND and LAND from The SandBox. Startups with outstanding post-program performance will be invited to apply for extra investment from The SandBox and Brinc.
In a discussion with Sebastien Borget, the COO and Co-Founder of The Sandbox, he said:
“It’s exciting to support the first cohort of metaverse entrepreneurs through our The Sandbox Metaverse Accelerator Program. Our goal with this $50M program was to provide opportunities for startups from underrepresented communities so their imagination and vision can come to life. With applicants from over 60 countries, we’re well positioned to open the doors to metaverse innovation for talented creators from around the world.”
Over 800 companies across 60 countries applied for the program. The majority of these companies are based in the United States, the United Kingdom, France, India, Singapore, and Hong Kong. Companies from certain categories of Web3 like eSports/gaming, DeFi, and art/collectibles dominated the application. The seven selected companies are either in pre-seed to seed, founders’ capital, or initial coin offering (ICO) stages of business.