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Wednesday, April 24, 2024

UAE VCs launch joint fund for $1 billion Web3 ecosystem


Venom Foundation and Iceberg Capital join forces emission A new fund for the Web 3 ecosystem to stimulate innovation in this space.

The fund, called Venom Ventures Fund (VVF), will invest in blockchainA press statement from both entities confirmed that the fund will invest in blockchain projects focused on decentralized applications (DApps), decentralized finance (DeFi), blockchain-based games and other payment services.

Valued at $1 billion, the fund will be open to pre-seed and Series A-stage companies and aims to be where “old money meets new money.” Venom Ventures confirmed that selected projects will receive a range of incentives in addition to funding, including technical, regulatory and marketing support.

On its website, Venom Ventures mentions that it has extensive experience with Web 3, spanning over three years. Through its accelerator program, projects will receive all the help they need to excel in the blockchain space, the fund said.

“With a strong commitment to identifying and investing in highly promising, scalable and consumer-focused companies in the rapidly emerging web3 ecosystem, VVVF is actively investing in and building a portfolio of leading web3 companies that are poised to achieve widespread adoption And made significant progress and growth,” said Peter Knex, a senior executive at VVF.

The announcement of the fund comes alongside a $20 million funding round for Numi Metaverse, showing that VVF is also keen to explore virtual worlds, despite a difficult 12 months for the industry.

Venom Ventures Funds (VVF) describes itself as a “blockchain-agnostic” fund “determined to make a meaningful impact by leveraging its financial muscle to deliver value.”

Funding dry up for Web3

Institutional Investors in Virtual Currency Ecosystem Proceed with Caution Turbulent times facing the industry. The aftermath of a series of tragedies has been capital exiting the sector and investors unwilling to put more money into the sector.

Web3-focused funds are rare these days as VCs choose to wait out the regulatory storm to end. Global regulators are scrambling to regulate the industry, with analysts predicting sweeping changes that could alter the face of virtual assets in light of the massive collapse that has plagued the industry.

Keeping up with the trend, Web3 serial investor Animoca Brands reduce Its much-anticipated Web3 fund halved to $1 billion, focusing on non-fungible tokens (NFTs) and the Metaverse.

Watch: Blockchain Ventures: Driving Utility for a Better World

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