The Beam Foundation said it plans to launch Beam Ventures in Abu Dhabi, a $150 million investment fund focused exclusively on gaming.
The Gaming Fund aims to accelerate the pace of promising founders and contribute to Abu Dhabi’s transformation into a global gaming hub.
Beam Ventures is strategically located at the intersection of blockchain, gaming, and artificial intelligence. By stimulating innovation in these areas, Beam Ventures aims to collectively redefine gaming experiences and drive growth within the industry. As the gaming industry continues to evolve, organizations like Beam Ventures have the power to create change by providing resources to game developers and early-stage startups.
I asked what categories are attractive. In addition to blockchain and artificial intelligence in games, the fund said it is also looking into virtual reality and augmented reality in games.
An ambitious vision for the future of gaming
The fund’s motivation is a commitment to shaping the future of gaming with the next generation of game developers and innovators. In collaboration with partners on the ground in Abu Dhabi, Beam Ventures aims to create an environment that nurtures talent and raises Abu Dhabi’s position as a global leader in gaming. It competes with other wealthy Middle Eastern regions such as Dubai and Riyadh in this endeavor.
Abu Dhabi in the United Arab Emirates is quickly becoming a magnet for gamers and game developers, with a growing community of gamers and transformative initiatives such as the development of an eSports island.
Furthermore, the emirate hosts a wide range of gaming events ranging from summits to the world’s largest gaming tournaments. Beam Ventures is determined to build on this momentum and attract the best talent to the region, mainly through its accelerator programme.
“Over the past three years, we have built a strong gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a very important step,” Saeed Al Fazari, Executive Director of Strategic Affairs at the Department of Culture and Tourism – Abu Dhabi, said in a statement. A crucial step in ensuring this ecosystem continues to thrive. This initiative aligns seamlessly with Abu Dhabi Games’ efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting investor confidence in our ecosystem.
He added: “We are deeply committed to attracting and nurturing talent in Abu Dhabi, contributing to the knowledge-sharing economy, and driving the growth of creative industries. This fund is another step forward in ensuring that Abu Dhabi becomes a global center of excellence and innovation in the field of gaming.
“At Beam Ventures, there’s one thing that drives us above all else: innovation,” Mark Borsten, chief strategy officer at Beam Ventures, said in a statement. “Innovation, whatever form it may take, has always been our lifeblood and our north star — and that’s why we’re so thrilled.” To bring our quest for innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset.”
He added: “We are convinced that Abu Dhabi will become a center for the most exciting and pioneering technology and gaming innovations in the world for years and decades to come. We’ve always strived for progress at Beam Ventures – and we know we’ve found exactly that with this collaboration. We look forward to other innovators and founders joining us on this adventure.
Beam Ventures Accelerator Program
In line with its mission to cultivate and empower new talent, Beam Ventures will launch an accelerator program inspired by globally recognized precedents.
This program is designed to support early-stage startups specializing in web3 games and artificial intelligence, and offers a range of in-person and remote engagement options. The goal of the program is to create fertile ground for successful startups that will impact the gaming industry and beyond.
The fund did not disclose the identity of its limited partners at that time, and has not yet made any investments. Beam’s executive team was previously from Merit Circle. The partners have a strong background in the cryptocurrency space in general as VC and have built several successful startups in this space in the past.
Source link