Newly Launched Venom Ventures Fund Has A $1bn War Chest To Invest In Web3 Companies

Interesting things are on the horizon when regulated blockchain industry players combine their efforts. The Abu Dhabi Global Market (ADGM) regulates both Venom Foundation and Iceberg Capital. These entities have created a $1bn venture fund to provide financial support to Web3 companies.

Another Big Boost For Web3 Development

The newly created Venom Futures Fund marks a crucial milestone for the broader Web3 industry. While its $1 billion war chest is impressive, that is not the primary focal point. The fund is rcreated by two enttieis regulated in the ADGM, giving them more credibility and mainstream recognition. With the fund, both Venom Foundation and Iceberg Capital aim to invest in Web3 decentralized applications and protocols.

However, the fund will prioritize projects with long-term viaiblity and real-world problem solving capabilities. That includes the payments sector, decentralized finance, GameFi, and banking services, among other verticals. The Venom Ventures Fund will use Iceberg Capital’s network and expertise to set up incubation programs and offer extensive industry support. Moreover, it can assist with marketing, technical, legal, and regulatory support.

Iceberg Capital Executive Chairman Mustafa Kheriba comments:

 “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 Web3 space to help them bring their visions to life.”

Like other venture funds focusing on Web3, the Venom Ventures Fund will give all projects equal opportunity. Whether teams are in pre-seed or Series A funding, they can all reach out to the fund for expertise and support. With the help of these two regulated entities backing the fund, the adoption of blockchain and Web3 can be accelerated in Abu Dhabi and beyond. 

Initial Funding For Nümi Metaverse

It is worth noting the Venom Ventures Fund has already struck its first target. More specifically, the fund invested in Nümi Metaverse, which secured $20 million in a recent funding round. Nümi plans to launch its Visual Novel in 2023, followed by the VR metaverse in Q4 2023. The team also plans to extend its metaverse to PC and mobile in early 2024. 

Although the fund has yet to announce other investments, the team will keep a close eye on industry developments. Abu Dhabi has positioned itself as an international financial center and free zone. That gives is tremendous potential for supporting the broader Web3 industry.