quick take:

• The fund will focus on Web3 protocols and dApps in payments, asset management, DeFi, banking services, and GameFi.
• It will leverage Iceberg Capital’s network, experience and capabilities to deliver incubation programs.
• The fund’s leadership team consists of professionals with experience in TradFi and blockchain.

Venom Foundation, the first Layer 1 blockchain licensed and regulated by Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM-regulated investment manager, have partnered to launch a billion-dollar venture fund called Venom Ventures Fund (VVF).

The fund is blockchain agnostic and will invest in companies from pre-Series A rounds, focusing on Web3 protocols and dApps in payments, asset management, DeFi, banking services and GameFi. It will leverage Iceberg Capital’s network, experience and capabilities to offer incubation programs and access to a broad industry network.

In addition, the fund will help its investors with marketing, listing, technical, legal and regulatory support. With such a large fund, VVF aspires to be the main sponsor of next generation Web3 technologies and entrepreneurs.

The fund made its first investment and led Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and supporters. This year, the platform will launch ‘Visual Novel’, a mini-game experience with a variety of special prizes for players.

Nümi will also launch a VR metaverse later this year, followed by a PC and mobile version in 2024. The investment in Nümi is an example of VVF’s investment strategy.

“I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to be working with a team of seasoned investment professionals and talented individuals from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 startups that are poised for mass adoption. Our mission is to transform digital asset management and have a lasting impact on the industry. Venom is the ideal platform to achieve this goal,” said Peter Knez, president of Venom Ventures.

VVF’s leadership team is made up of seasoned professionals in traditional finance and blockchain. They include Peter Knez, ex-CIO of BlackRock and Mustafa Kheriba, CEO of Iceberg Capital.

Mustafa Kheriba serves on the board of several family offices in the UAE and is currently also a member of the Board of Directors of Mirabank, Australian Gulf Capital and Evrensel Capital Partners.

“We are delighted to partner with the Venom Foundation, launching their new billion dollar fund. Although the blockchain industry is seeing a sharp price correction, we believe that builders will continue to build and innovate. With Venom Ventures, we will provide financial, technical and marketing support to the most promising teams and projects in the Web3 space to help them bring their visions to life,” said Mustafa.

Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.

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