Venom Foundation and Iceberg Capital aim to bring more support and guidance to innovative Web3 projects. The two ADGM-regulated entities go through this plan through Venom Ventures Fund (VVF). It has a $1b war chest and recently made its first strategic investment.
The Venom Ventures Fund focuses on Web3 innovation
The opportunities for Web3 are virtually limitless. Decentralized technologies can affect many aspects, including consumer privacy, transparency, efficiency, and more. More importantly, “decentralizing everything” applies as much to payments as to decentralized finance, insurance, governance, voting, and ownership. There are many opportunities ahead, and the Venom Futures Fund will do its part to help teams achieve critical mass.
The newly established fund is the “child” of the collaboration between Iceberg Capital and Venom Foundation. Iceberg Capital is a regulated investment manager, whereas Venom Foundation promotes using its Venom blockchain. As a result, it is the first L1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). The Venom Blockchain will partner with the VVF to provide infinitely-scalable architecture.
Establishing the Venom Ventures Fund ensures old money meets new. Moreover, it enables a broader focus on blockchain technology and its impact on society. The VVF will focus on investing in innovative projects tackling real-world issues. In addition, projects with long-term potential, such as disrupting finance, GameFi, and others, are also of great interest. Under the hood, VVF uses a research-driven process and quantitative data to make strategic investments.
Furthermore, the VVF will provide more than financial support. It is also an incubator, and its expertise encompasses specialist marketing, technical, legal, financial, and regulatory support. The fund is under the ADGM’s supervision, ensuring maximum transparency and accountability. That will, in turn, benefit all projects that work with VVF to achieve their goals.
Experienced industry leaders at the helm
The VVF is led by blockchain professionals and battle-tested TradFi experts. Former BlackRock and Barclays Global Investors CIO Peter Knez will steer the ship along with MENA investment professional Mustafa Kheriba. Together, they will focus on achieving mass adoption for scalable and regulated Web3 projects that are adoption-ready. In addition, the fund will be operated by Iceberg Capital, enabling it to use Iceberg’s extensive network to accelerate the adoption of DeFi, blockchain, and Web3.
Iceberg Capital Executive Chairman Mustafa Kheriba adds:
“We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep price correction, we believe that builders will continue to build and innovate. With Venom Ventures, we will provide financial, technical, and marketing support to the most promising teams and projects in Web3 to help them bring their visions to life.“
The Venom Ventures Fund recently made its first investment in Nümi Metaverse’s $20 million round. Nümi Metaverse will bring creators, innovators, and followers together through its upcoming Visual Novel and VR metaverse.
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