TCG, a16z Back Virtual Horse Racing Startup

An Australian-based virtual horse racing platform raised $20 million in Series A funding from TCG Capital Management, Andreessen Horowitz and others

article-image

Source: Zed Run

share
  • TCG Capital Management leads $20 million Series A for virtual horse racing platform
  • It is the second investment into an NFT platform Andreessen Horowitz has revealed this week

Virtually Human Studio, the Australia-based startup behind online horse racing platform Zed Run, has raised $20 million in a Series A round led by The Chernin Group Capital Management. Andreessen Horowitz and Red Beard Ventures also participated in the round. 

VHS is the latest company profiting from the growing gaming and non-fungible token (NFT) industries. Zed Run is a marketplace and gaming program for what creators refer to as “breathing NFTs,” or NFTs that change and evolve over time, similar to real-life animals. 

Zed Run users can virtually breed, sell and buy horses. Virtual horse owners can pay entrance fees to compete in races, and the site collects fees for all of the above. Race participants that come in first, second or third receive prize money in the form of ETH. 

It’s a concept that may sound absurd to anyone unfamiliar with the gaming and NFT industries, but the demand is there. 

“What the team at Virtually Human Studio is building fundamentally alters what it means to be a fan,” said Jacob Smilovitz, vice president at TCG, in a statement. “Fans are now empowered to come down from the bleachers, become owners themselves and play an active role in determining the outcome of the game.”

When launched in 2019, horses on Zed Run sold for around $30, but the explosion of the NFT market has proven to be fruitful for the company.

At time of publication, the Zed Run marketplace was completely sold out, but secondary markets abound. One has a horse available for 1.3 ETH, or around $2,550 USD. 

It is the second NFT investment a16z has revealed this week. On Tuesday, the firm led a $100 million Series B funding round in NFT marketplace OpenSea

The funding rounds come amid a major moment for NFTs across industries. Galaxy Digital founder and CEO Mike Novogratz and digital media entrepreneur Gary Vaynerchuck are part of the team behind Candy, a new sports NFT marketplace with a focus on baseball. Binance recently made its NFT marketplace debut with an auction featuring works from Andy Warhol and Salvador Dali. 

Zed Run is VHS’s first major project with more than 125,000 connected users. VHS closed its first seed funding round in May 2020, according to the company. 

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /