The foundation behind the Beam blockchain has announced Beam Ventures, a $150 million web3 AI gaming fund and accelerator that’s based in Abu Dhabi.
The source of its funding hasn’t been announced and Beam Ventures hasn’t yet made any investments.
The location of the fund is significant as part of its remit will be to promote Abu Dhabi as a location for gaming startups through its accelerator’s activities and collaboration with existing local entities.
Beam Ventures says it’s the first gaming-focused qualified investor fund in Abu Dhabi.
Beam is operated by Merit Circle, which is itself an active investor in blockchain games, and which has a treasury of tokens and NFTs worth over $200 million, although the Beam Foundation is set up as a legally-independent entity.
“We’re convinced that Abu Dhabi is set to be the epicenter of the world’s most exciting, pioneering tech and gaming innovation for years and decades to come. We have always sought the cutting edge at Beam Ventures – and we know that with this collaboration we have found exactly that. We look forward to other cutting-edge creators and founders joining us on this adventure,” commented its chief strategy officer Mark Borsten.
“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. This initiative aligns seamlessly with our Abu Dhabi Gaming efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem,” added Abu Dhabi’s strategic affairs executive director at the department of culture and tourism, Saeed Al Fazari.
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