Abu Dhabi-based Venom Foundation and Iceberg Capital Unveils $1B Venom Ventures Fund for Web3

UTC by Steve Muchoki · 3 min read
Abu Dhabi-based Venom Foundation and Iceberg Capital Unveils $1B Venom Ventures Fund for Web3
Photo: Unsplash

Venom Ventures Fund (VVF) has announced a $20 million funding investment in Nümi Metaverse, a universal platform for creators, innovators, and followers, as its first Web3 backing.

Venom Foundation, an Abu Dhabi Global Market (ADGM) licensed Layer-1 blockchain has announced a strategic partnership with Iceberg Capital Limited, an ADGM-regulated investment manager, to unveil a $1 billion Web3 fund dubbed Venom Ventures Fund (VVF). According to the announcement, the Venom Ventures Fund (VVF) will invest in Web3 projects in early development stages including the seed round and Series A.

As such, decentralized financial platforms in need of development support, marketing grant, or venture Investment can apply through the VVF’s official website. The VVF has promised to be transparent in its project selection process and strictly adhere to the set regulations.

Venom Ventures Funds (VVF) Taps on Web3 Industry

Venom Ventures Fund (VVF) has announced a $20 million funding investment in Nümi Metaverse, a universal platform for creators, innovators, and followers, as its first Web3 backing. Reportedly, Nümi will launch its Visual Novel before the end of this year, a GamiFi project with a range of special prizes for players. Additionally, Nümi is set to launch a VR metaverse by the end of this year, followed by a PC and mobile version in 2024.

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said:

“We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in the Web3 space to help them bring their visions to life.”

Peter Knez, Chairman of Venom Ventures noted that the fund will focus on innovative Web3 startups to transform their digital asset management styles. Furthermore, the fund is headed by well-experienced persons in the traditional financial sector including Peter Knez, ex-CIO at BlackRock.

The VVF has entered the Web3 industry at a time when most crypto projects are trapped in a multi-week bear market. Fueled by the FTX, Alameda, and Terra Luna’s implosion, the Web3 industry may take longer before mainstream adoption takes place.

Moreover, regulators around the world are grappling to contain the situation following the liquidation of over $2.2 trillion in the past twelve months. Nonetheless, the Web3 industry has shown tremendous potential to disrupt traditional financial services that are heavily centralized and expensive for daily users.

As such, regulators are keen to shape the Web3 industry in a way it will steer forward their respective economies following the devastation caused by Covid-19.

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Steve Muchoki

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