Quick take:
- The fund will focus on Web3 protocols and dApps across payments, asset management, DeFi, banking services, and GameFi.
- It will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs.
- The fund’s leadership team consists of experienced TradFi and blockchain professionals.
Venom Foundation, the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM regulated investment manager have partnered to launch a $1 billion venture fund called Venom Ventures Fund (VVF).
The fund is blockchain agnostic, and will invest in companies from pre-seed to Series A rounds, focusing on Web3 protocols and dApps across payments, asset management, DeFi, banking services, and GameFi. It will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network.
Furthermore, the fund will assist its investees with marketing, exchange listing, technical, legal, and regulatory support. With such a large fund, VVF aims to be the leading supporter of next-generation Web3 technologies and entrepreneurs.
The fund has made its first investment and led Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and followers. This year, the platform will launch ‘Visual Novel’, a mini-game experience with a range of special prizes for players.
Nümi will also launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The investment in Nümi is an example of VVF’s investment strategy.
“I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal,” said Peter Knez, Chairman of Venom Ventures.
VVF’s leadership team consists of experienced traditional finance and blockchain professionals. They include Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, the executive chairman of Iceberg Capital.
Mustafa Kheriba is a board member of multiple family offices in the UAE and is currently also a member of the Board of Directors of Mirabank, Australian Gulf Capital, and Evrensel Capital Partners.
“We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life,” said Mustafa.
Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.
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