Lyesterday-1 blockchain Venom Foundation has joined forces with investment manager Iceberg Capital, and the two announced a billion-dollar venture fund to support promising web3 companies solving real-world problems.
Dubbed the Venom Ventures Fund (VVF), the blockchain-agnostic fund will largely focus on startups involved in payments, asset management, DeFi, banking, and blockchain gaming. Developers and builders working on innovative web3 projects are encouraged to apply via the VVF website.
Financing a Web3 future
Although the fund’s value is bound to generate the most headlines, both entities intend to help their chosen projects in a number of ways, leveraging their network and experience to offer support in areas such as marketing, listing, technical, legal and regulator.
Both Venom Foundation and Iceberg Capital are regulated by the Abu Dhabi Global Market (ADGM), the latter being the first registered crypto foundation in the market. The fund will invest in projects and teams from pre-Series A rounds, with ex-BlackRock CIO Peter Knez and MENA serial investor Mustafa Kheriba tasked with identifying startups that can accelerate web3 adoption. and, at the same time, generate a significant return for investors.
“Although the blockchain industry is seeing a sharp price correction, we believe that builders will continue to build and innovate,” says Mustafa Kheriba, CEO of Iceberg Capital. “With Venom Ventures, we will provide financial, technical and marketing support to the most promising teams and projects in the web3 space to help them bring their visions to life.”
Venom Ventures President Peter Knez added: “I am excited to be working with a team of seasoned investment professionals and talented individuals from the crypto industry, and we stand ready to allocate strategic investments in the most innovative web3 startups that are ready for mass adoption. Our mission is to transform digital asset management and have a lasting impact on the industry.”
The new partners have wasted no time scouting the industry for projects that need their financial muscle: their first commitment was in Nümi Metaverse’s oversubscribed $20 million funding round in December. The creator-friendly platform is set to launch several products this year, including a mini-game experience (Visual Novel) and an all-encompassing VR metaverse.
Whales Web3
Ten figure web3 funds are not the norm, although there are a few other treasure chests available for talented developers. Animoca Brands’ fund Animoca Capital, for example, is also worth $1 billion, while venture capital giant Andreessen Horowitz (a16z) has built a $4.5 billion war chest. The Venom Ventures Fund, however, is notable due to the regulatory green light its creators have received from the Abu Dhabi Global Market, an international financial center located on Al Maryah Island in the capital of the United Arab Emirates.
According to a recent report by Chainalysis, the MENA region and North Africa were the fastest growing markets for cryptocurrency adoption last year. Interestingly, the UAE Central Bank recently concluded a CBDC pilot program for cross-border payments, news that will not have escaped the attention of Venom, a blockchain that has ambitions of becoming a bridge for CBDC adoption in the UAE. Middle East. North Africa and beyond.
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