Recent market turbulence has not deterred cryptocurrency venture capitalists, with the announcement of a new $1 billion fund dedicated to the world of web3.
The mega Venom Ventures Fund (VVF), a joint initiative between blockchain platform Venom and alternative asset manager Iceberg Capital, will benefit from the expertise of former BlackRock CIO Peter Knez and prolific investor Mustafa Kheriba, with the focus on accelerating adoption of blockchain, DeFi and web3.
$1 Billion to Solve Real-World Problems
Although the developer-friendly Venom blockchain is responsible for creating the fund, the war chest will be allocated to projects building on a range of different blockchain networks, financing projects and teams from pre-seed to Series A rounds. VVF’s maiden investment was made during the Nümi metaverse’s recent funding round, which raised over $20 million from some 150 investors in December.
“I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi,” said Venom Ventures Chairman Peter Knez.
“I’m excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry.”
Capital will be earmarked for investment in promising protocols and Web3 dApps, such as those related to digital payments, asset management, decentralized finance, banking services, and GameFi. Entrepreneurs and startups most likely to receive support will include those who are striving to solve real-world problems, with eager candidates encouraged to apply for funding via the Venom Ventures Fund website.
Both the Venom Foundation and Iceberg Capital are based in the Middle East and regulated by the Abu Dhabi Global Market (ADGM), a global business hub that is home to the world’s first regulated carbon trading exchange and clearing house. As a regulatory-compliant blockchain, Venom offers enterprises the opportunity to build, innovate, and scale in an entirely compliant environment, free from the red tape and FUD common in other territories.
As well as bootstrapping cutting-edge projects, the Venom Ventures Fund will leverage Iceberg Capital’s extensive network and industry expertise to help recipients with matters relating to marketing, exchange listing, and regulation.
The announcement comes a week after we learned the scale of web3 funding in 2022. Last year, startups operating in the sector raised a total of $7.1 billion, with gaming, metaverse, NFT and infrastructure projects capturing the lion’s share. Despite bearish market conditions throughout much of 2022, web3 project raised more capital than in 2021, with a year-over-year increase of $4.5 billion.
Venom’s existing blockchain ecosystem includes a scalable network capable of dynamic sharding, a non-custodial wallet (VenomWallet), a cross-chain bridge (VenomBridge), and a native DEX (Web3.World). The $1bn fund now positions it as a veritable powerhouse in the web3 world, committed to setting the stage for the next generation of digital technologies.