Dubai – Sharikat Mubasher: Beam Foundation announced plans to launch Beam Ventures, a $150 million web3 AI gaming fund and accelerator that’s based in Abu Dhabi.

The company has joined forces with Abu Dhabi to create an environment that nurtures talent and elevates Abu Dhabi’s status as a global gaming leader, as per an official announcement. The fund also targets opportunities in the burgeoning VR and AR in gaming.

According to a press release published by Abu Dhabi Global Market (ADGM), 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 reveal its limited partners in the fund at the time and has not made investments in the fund yet.

Commenting on the partnership, Saeed Al Fazari, strategic affairs executive director at the Department of Culture and Tourism – Abu Dhabi, said: “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and established a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive.”

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. He said: “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.”