UAE-based Venom Foundation launches $1 billion fund for Web3 and blockchain

Blockchain layer 1 solution Venom Foundation and Abu Dhabi Global Markets (ADGM) investment manager Iceberg Capital have teamed up to create a fund that will leverage Web3 and blockchain company.

Protocols and Web3 decentralized applications (DApps) in the fields of payments, asset management, decentralized finance (decentralized finance) and Game Finance (GameFi) will be directed investments by Venom Ventures Fund (VVF), it announced on Jan. 11.

Iceberg Capital plans to use its established contacts to provide incubation services, business related party introduction, promotion, listing and legal guidance, technologyand Regulationthe companies said in a press release.

Iceberg Capital to Manage $1 Billion Fund

The fund, which will be managed by Iceberg Capital, will invest in companies and projects from pre-seed to Series A investment stage. The ultimate goal of the collaboration is to accelerate the pace of companies creating blockchain, DeFi and Web3 services and products.

Peter Knez, chairman of Venom Ventures and former CIO of BlackRock and former global CIO of fixed income at Barclays Global Investors, asserted that the Venom Foundation is the foundation for the fund, the firm’s founders and the region’s Institutional and private investors provided the seeds. Furthermore, the fund is not limited to businesses in Abu Dhabi, but will support organizations and initiatives with global reach.

according to its website, the fund’s mission is to be where “old money meets new money.” VVF Group has extensive expertise in fundraising and business development, supporting the expansion of Web3 and traditional funds and providing a source of growth capital for both Start-up companies and zoom in.

In announcing the fund, VVF also led a $20 million funding round for Nümi Metaverses, a company focused on creating virtual worlds in the U.S. Metaverse.

Interestingly, this fund is one of the few large-cap funds in this category right now, which is especially notable in the current situation bear market. While it used to look like new $1B+ funds were being launched on a regular basis bull marketthe trend has since slowed down.