Quick take:
- The fund is also looking at opportunities in virtual reality and augmented reality in gaming.
- Beam Ventures also plans to launch an accelerator program as part of the fund but is not disclosing its limited partners yet.
- Teams can choose to participate via a combination of in-person and remote options.
Beam Ventures, the venture arm of Beam Foundation and the community-driven chain focused on gaming, Beam has announced a $150 million fund targeting the intersection of gaming, AI and blockchain technology.
The company has teamed up with Abu Dhabi to create an environment that nurtures talent and elevates Abu Dhabi’s status as a global gaming leader. The fund also targets opportunities in the burgeoning VR and AR in gaming.
According to the announcement, Beam Ventures will also launch an accelerator program as part of the fund, with the goal of creating a “breeding ground for successful startups that will impact the gaming industry and beyond.”
Beam Ventures did not disclose its limited partners in the fund at the time and has not made investments in the fund yet.
Commenting on the partnership, HE Saeed Al Fazari, strategic affairs executive director at the Department of Culture and Tourism – Abu Dhabi, said in a statement, “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive.”
Al Fazari believes that the initiative aligns seamlessly with the Abu Dhabi Gaming efforts, reflecting the state’s “commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem.”
According to Al Fazari, the fund will play a crucial part in ensuring Abu Dhabi becomes a global hub for gaming excellence and innovation.
Mark Borsten, chief strategy officer at Beam Ventures highlighted innovation as the one thing that drives the firm. “In whatever form it might take, innovation has always been our lifeblood and our North Star – and that’s why we are so delighted to be bringing our pursuit of innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset.”
According to Borsten, Abu Dhabi is well positioned to become the “epicentre of the world’s most exciting, pioneering tech and gaming innovation.”
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