Quick take:
- Audacity has officially launched with a $60 million war chest.
- The venture capital firm said it will invest in seed and Series A startups.
- Audacity targets Web2 and Web3 projects focused on the creator economy, media SaaS and gaming.
Audacity has officially launched as a $60 million venture fund focused on early-stage startups. The company said the fund will invest in “ new age media-tech companies bridging the gap from Web2 to Web3.”
Audacity is backed by prominent family offices, media institutions and individuals and has already backed the content editing platform VideoVerse. The fund is targeting promising projects seeking seed and Series A funding in both Asia and the US.
According to the announcement, Audacity is looking to invest in the highly promising “ new wave of media platforms focused on the creator economy, media SaaS and gaming sectors across web2 and web3.”
The firm was founded by media tech entrepreneur Kabir Kochhar. It is headquartered in New Delhi and has offices in Singapore and the US. According to its website, Audacity is currently investing between $500,000-$5 million per individual project or round.
Commenting on the official launch, Vinayak Shrivastav, founder and CEO of Audacity-backed VideoVerse said: “Audacity has been able to identify the gap in the investment environment for a sector-specific fund and by launching this, they have enabled start-ups like us to buckle down and continue innovating to deliver results in our chosen sector.”
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.”
Audacity was formed to primarily focus on the creator economy amid the current paradigm shift that is giving power back to creators and the community. Kochhar points to the company’s investment in VideoVerse as a great example of its commitment to back promising startups in the creator economy, media SaaS and gaming sectors.
Venture capital firms continue to show a great appetite for the Web3 space despite the crypto winter. However, given the current rate of crypto fund bankruptcies and, caution has become a valuable strategy. Audacity is carefully selecting projects that have utility attached to them by narrowing its focus toward the creator economy.
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