January 11, 2023

Venom Foundation, Iceberg Team Up to Launch $1 Bln Fund for Web3 Projects

Venom Foundation, Iceberg Team Up to Launch $1 Bln Fund for Web3 Projects Featured Image

Abu Dhabi-based blockchain firm Venom Foundation partnered with Iceberg Capital Limited to launch a $1 billion venture fund for Web3 and blockchain companies.

The Venom Ventures Fund (VVF) aims to pump investments in protocols decentralized apps (Dapps) of Web3, which focus on GameFi products and services, DeFi, payments, asset management, and banking services to be a pioneering supporter for coming entrepreneurs and digital technologies.

In VVF, Iceberg, which is an Abu Dhabi Global Market (ADGM) regulated investment manager, will use its resources to offer incubation programs and provide projects with marketing, regulatory, legal, technical, and exchange listing support, according to Coin Telegraph.

VVF’s team is experienced with enhancing Web3 and traditional funds and offering growth capital for startups and scaleups. Its leadership includes Chairman of Venom Ventures and former global CIO for fixed income at Barclays Global Investors Peter Knez and Mustafa Kheriba, a board member for multiple family offices and long-term investment professional in the Middle East and North African regions, Tech Crunch reported.

Managed by Iceberg, the fund will invest in companies and projects from pre-seed to Series A rounds to speed up the adoption of Web3, blockchain and DeFi.

In this regard, Knez said that the fund is ready for allocating strategic investments for the most innovative Web3 start-ups, adding VVF would not be limited to Abu Dhabi firms only, but it will support projects and companies around the globe.

Meanwhile, Kheriba, who doubles as the executive chairman of Iceberg Capital, noted that the cooperation with Venom Foundation will give access to provide marketing, financial and technical support to the most prominent projects and teams in the Web3 world to bring their visions to life.

Indeed, the fund made its first investment, leading Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and followers. It will debut its ‘Visual Novel’ this year, a mini-game experience with a range of special rewards for players.

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