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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- The fund will focus on Web3 protocols and DApps in areas such as payments, asset management, DeFi, banking services and GameFi.

- It will leverage Iceberg Capital's network, expertise and capabilities to deliver incubation projects.

- The leadership team of the fund consists of experienced TradFi and blockchain professionals.

Venom Foundation is the first Layer 1 blockchain licensed and regulated by Abu Dhabi Global Market (ADGM); Iceberg Capital is an investment management company regulated by ADGM. US dollar venture fund, called Venom Ventures Fund (VVF).

The fund will be managed by Iceberg Capital and plans to invest in companies and projects from the Pre-Seed round to the A round, focusing on payment, asset management, DeFi, banking services and GameFi's Web3 protocol and DApp. It will leverage Iceberg Capital's network, expertise and capabilities, offering incubation programs and access to a broad industry network. The ultimate goal of the partnership is to accelerate the pace of companies creating blockchain, DeFi and Web3 services and products.

Additionally, the fund will provide marketing, exchange listing, technical, legal and regulatory support to its investees. With such a large funding scale, VVF aims to be a major supporter of the next generation of Web3 technologies and entrepreneurs.

The fund has already made its first investment and led a $20 million round in Nümi Metaverse. Nümi Metaverse is a universal platform for creators, innovators and fans. This year, the platform will launch 'Visual Novel', a mini-game experience that offers players a series of special prizes.

Nümi will also launch in a VR metaverse by the end of this year, followed by a PC and mobile release in 2024. The investment in Nümi is an example of VVF's investment strategy.

“I am excited to be a part of our new venture capital fund launching in Abu Dhabi. I am excited to be working with a team of experienced investment professionals and talent from the crypto industry, and we are ready to invest in the most innovative We are making strategic investments in disruptive Web3 startups that are poised for mass adoption. Our mission is to revolutionize digital asset management and have a lasting impact on the industry. Venom is the ideal platform for us to achieve this," said Venom Ventures Chairman Peter Knez said.

VVF's leadership team consists of experienced traditional finance and blockchain professionals. They include former BlackRock chief investment officer Peter Knez and Iceberg Capital executive chairman Mustafa Kheriba.

Mustafa Kheriba sits on the boards of several family offices in the UAE and currently sits on the boards of Mirabank, Australian Gulf Capital and Evrensel Capital Partners.

Knez claims that the Venom Foundation provided seed funding to the fund, the company’s founders, as well as regional institutional and private investors. Furthermore, the fund is not limited to businesses in Abu Dhabi, but will support organizations and initiatives across the globe.

“We are excited to partner with the Venom Foundation to launch a new $1 billion fund. While the blockchain industry is going through a significant price correction, we believe builders will continue to build and innovate. Through Venom Ventures, we will The most promising teams and projects in the Web3 space provide financial, technical and marketing support to help them realize their vision," said Mustafa.

Developers and builders working on innovative Web3 projects can apply for funding through the official Venom Ventures Fund website.