James Gwertzman announced his resignation by the month’s end after being the general partner for a year plus at Andreessen Horowitz, an active investor in the Web3 space.
He wrote on LinkedIn, “I’ve decided to step down from my position as the general partner at a16z to return to working as a builder full-time. I enjoyed learning about the VC and am delighted to have helped establish GFO (Games Fund One). However, I miss entrepreneurship”.
Andreessen Horowitz, also known as a16z, has made a name for itself as a top investor in Web3 platforms and blockchain startup firms in recent years. Such Web3 platforms include cryptocurrency gaming projects like Sky Mavis, which created Axie Infinity — the famous play-to-earn game, and Mythical Games.
Gwertzman’s resignation is critical in the Web3 gaming sector. It could lead to other expert gaming executives creating a new generation of games in competition against the first stage of quicker-to-build, 2D games.
a16z revealed its $600 million GFO (Games Fund One) initiative last May. a16z disclosed at that time that Gwertzman would oversee the fund devoted to Web3 gaming. According to Gwetzman’s LinkedIn profile, he had worked for Microsoft for several years, where he worked exclusively in gaming before joining a16z.
Gwertzman added in his post, “I haven’t chosen what to concentrate on next yet, and I’m excited to take a break before I return. As a venture capitalist, I have identified numerous market gaps where I would have loved to invest, and I’m now thinking about building.”
Andreessen Horowitz Participates In A New Fundraising Round
In a bid to promote its digital and publishing content creation application to Africans, Carry1st got $27 million in a new fundraising round. Many industry analysts claim the next broader Web3 adoption would be in Africa.
Bitkraft Ventures headed a $27 million fundraising round with further contributions from Andreessen Horowitz. Additionally, Alumni Ventures, Kepple Ventures, TTV Capital, Lateral Capital, and Konvoy participated in the fundraising round.
In an official statement after the fundraiser, Carry1st claimed that the funds would help broaden its content portfolio and increase internal capability. It involves having a closer look into play-to-earn gaming in Web3 and how NFTs (non-fungible tokens) may be included in the gamers’ experiences.
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