Startup profile for Virtually Human Studio: latest funding, latest known valuation, total disclosed funding, investors, status, sources, and why the company is interesting. Part of the Venture Capital Tracker startup directory.
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Virtually Human Studio funding, valuation and investors

Blockchain game studio behind Zed Run virtual horse racing on NFT rails.

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Funding, valuation & investors

Answer-first snapshot

Latest funding

Series A

$20M · July 2021

Latest known valuation

Not publicly disclosed

Total disclosed equity funding

$20M

Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.

Current status

private

series a · Sydney, Australia

Investors in latest funding

Lead: TCG Capital Management

Other: Andreessen Horowitz

Sources: latest funding Last verified: 2026-07-25

Overview

Virtually Human Studio (VHS) is an Australian game studio best known for Zed Run, a blockchain-based virtual horse racing game where players breed, race, and trade NFT horses. At its peak during the 2021 NFT gaming boom, Zed Run reported 125K+ users. VHS raised a $20M Series A in July 2021 led by TCG Crypto (TCG Capital Management) with Andreessen Horowitz participating alongside Red Beard Ventures.

Why Virtually Human Studio is interesting

125K+ users on play-to-earn horse racing at NFT gaming peak — TCG-led Series A with a16z in the 2021 web3 gaming wave.

Product & use cases

Zed Run combines NFT horse ownership with simulated racing and breeding mechanics on blockchain rails. Players earn from racing outcomes and secondary market horse sales — classic play-to-earn design from the 2021 cycle.

  • Collectors breeding and racing NFT horses for token rewards
  • Speculators trading rare bloodline horses on secondary markets
  • Web3 gaming experiments in sports simulation metaverse

Key facts

  • Series A (Jul 2021): $20M led by TCG; a16z participated — Blockworks
  • Zed Run reported 125K+ users at peak
  • Australian studio; NFT virtual horse racing

Funding history (newest first)

Series A

2021-07 $20M

Source: https://blockworks.co/news/zed-run-series-a

Investors in our directory

Funds linked from Virtually Human Studio's profile — open a fund page for stage focus and related deal articles.

Andreessen Horowitz

Competitive landscape

Edge: Early mover in NFT horse racing with brand recognition in web3 gaming community before broader P2E saturation — though market cooled post-2022.

Zed Run rode the 2021 P2E wave then faced token/NFT volume collapse along with Axie peers. VHS value now depends on sustainable gameplay and retention vs. speculation. a16z and TCG investment captured peak narrative; rebuilding engagement without bull-market incentives is the operating challenge.

  • Axie Infinity direct

    Flagship P2E of the same era; different theme but competing for web3 gaming wallet share.

  • Gods Unchained adjacent

    Blockchain game with tradable assets; card game vs. racing simulation.

  • Traditional racing games alternative

    Non-NFT racing titles without crypto friction for mainstream gamers.

Notable stories

  • Zed Run became one of the most recognized NFT games of 2021 alongside Axie — virtual horses traded for thousands of dollars at market peak (Blockworks).

Industries

Crypto & Web3 Media & Entertainment Consumer

Related funding articles

Venture Capital Tracker pieces that cover Virtually Human Studio's financing or category context.

FAQs about Virtually Human Studio

Practical answers founders, operators, and investors typically search for.

Virtually Human Studio is the game company behind Zed Run, a blockchain virtual horse racing game with NFT horses.
Zed Run is an NFT horse racing game where players breed, race, and trade digital horses on blockchain infrastructure.
TCG Capital Management led the $20M Series A (July 2021). Andreessen Horowitz (/fund/andreessen-horowitz) participated per Blockworks.
Zed Run continues operating at zed.run; engagement and token economics evolved post-2021 P2E peak — verify current status in-app.
July 2021, $20M.
Sydney, Australia.
Both were prominent 2021 P2E games. Axie used pet battlers; Zed Run focused on horse racing simulation and breeding.
Historically required NFT horse purchase to race; free-to-play models may have evolved — check zed.run.
Series A ($20M, 2021), private.
No public profitability disclosure.
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By Venture Capital Tracker

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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.