Audacity Announces $60M Fund to Onboard Web2 Media and Gaming Startups to Web3

The $60 million war chest will allow Audacity to invest in Web2 media and gaming startups looking to transition to Web3.

Jul 29, 2022
by Akira Ming
Audacity Announces $60M Fund to Onboard Web2 Media and Gaming Startups to Web3
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VC firm Audacity has bold visions for Web2 media and gaming projects

This week, venture capital firm Audacity launched a $60 million fund to invest in early-stage startups. The fund will focus on bringing up “new age mediatech companies bridging the gap from Web2 to Web3”. 

With offices in India and Singapore, the VC firm is backed by prominent family offices, media institutions, and individuals. As of writing, Audacity already made significant investments in VideoVerse, one of the leading Gen Z content platforms in India. 

Nonetheless, the ambitious fund is looking to invest in a “new wave of media platforms focused on the creator economy, media SaaS and gaming sectors across web2 and web3”. According to Audacity, it is opening up its doors to promising startups that are seeking seed and Series A funding in both the U.S. and Asia. 

“This is a very exciting time for startups focused on new age media,” said Kabir Kochhar, founder of Audacity Venture Capital, in a statement. "Audacity was launched to invest across the creator economy, media SaaS, and gaming sectors. Low burn and high cash-generating businesses are always valued, even more so in this current macroeconomic environment.”

Although still in its launch phase, Audacity is already deploying capital in four startups worth $12 million with high upside potential. 

Commenting on his fund’s role in the Web3 ecosystem, Kochhar noted: “While the application layer of web3 is still nascent, we believe that the mainstreaming of web3 will be led by the media ecosystem bringing in the users. As media experts, we plan on facilitating that through our networks and portfolio companies. Creatorship is the new entrepreneurship. While centralized incumbents will help bring metaverses mainstream, value creation will come from the decentralized business models layered upon these protocols, which is why Audacity is so excited for the future.” 

On the whole, institutions remain pretty bullish on what Web3 has to offer. With a $60 million war chest, Audacity will play a significant part in shaping the future of this growing industry. On the other hand, the 2nd half of this year saw also a number of big firms launching blockchain gaming funds. This includes the $600 million Games Fund One from a16z in May, followed by the $500 million Web3 gaming fund from Immutable in June. 

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