Layer-1 blockchain Venom Foundation has partnered with investment manager Iceberg Capital, with the pair announcing a $1 billion venture capital fund to support promising web3 companies solving real-world problems.
Named Venom Ventures Fund (VVF), the independent blockchain fund will be largely focused on startups involved in blockchain payments, asset management, DeFi, banking and gaming. Developers and builders working on innovative web3 projects are encouraged to apply through the VVF website.
Funding a Web3 Future
Although the value of the fund is intended to generate the most headlines, the two entities intend to help the projects they have chosen in several ways, leveraging their network and expertise to offer a support in areas such as marketing, stock exchange listing, technical, legal and regulatory aspects.
Venom Foundation and Iceberg Capital are both regulated by the Abu Dhabi Global Market (ADGM), the latter being the first crypto foundation registered in the market. The fund will invest in projects and teams from pre-seed to Series A, with former BlackRock CIO Peter Knez and MENA serial investor Mustafa Kheriba tasked with identifying startups that can accelerate web3 adoption. while offering a significant return for investors.
“Even if the blockchain industry experiences a sharp price correction, we believe builders will continue to build and innovate,” said Mustafa Kheriba, Executive Chairman 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 realize their visions.”
Venom Ventures President Peter Knez added, “I am delighted to be working with a team of experienced investment professionals and talented people from across the crypto industry, and we are 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 wasted no time searching the industry for projects that needed its financial muscle: its first pledge 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 a full VR metaverse.
Web3 Whales
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 war chest of $4.5 billion. The Venom Ventures fund, however, is notable because of the regulatory green light its creators 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 According to Chainalysis, the MENA region and North Africa were the fastest growing markets for crypto adoption last year. Interestingly, the UAE Central Bank recently concluded a CBDC pilot for cross-border payments, news that will not have escaped Venom – a blockchain that has ambitions to become a bridge for the adoption of CBDCs in the Middle East, North Africa and beyond .
