The Abu Dhabi-based Venom Foundation and Iceberg Capital Ltd. partnered today to invest $1 billion in the Web3 and metaverse industry with the Venom Ventures Fund.

The Venom Foundation is the developer of the first Layer-1 blockchain regulated by the Abu Dhabi Global Market and is licensed to issue cryptocurrency tokens. Iceberg Capital is an ADGM licensed regulated asset management firm offering traditional and virtual asset management services as well as venture capital.

Together, the two companies are forming what they call a “blockchain agnostic fund” that will be used to invest in Web3 decentralized applications and focus on what the companies believe are long-term trends in the industry, such as payments, asset management, and more. Active, decentralized. finance, banking services and GameFi.

Joining the fund’s leadership team are experienced professionals in traditional finance and blockchain, including former BlackRock CIO Peter Knez and Mustafa Kheriba, a well-known investor in the Middle East and North Africa region.

This investment comes at a difficult time for the cryptocurrency industry after markets fell during a prolonged “crypto winter” and the recent bankruptcy of cryptocurrency exchange FTX Trading Ltd. caused them to fall further. Crypto markets like Bitcoin have fallen roughly 60% from their value in January 2022 to their current prices today. Crypto companies have suffered layoffs recently, including exchanges Coinbase Inc., Huobi Global, Kraken, crypto lender Genesis, and crypto bank Silvergate Capital Corp.

“Although the blockchain industry is seeing a sharp price correction, we believe that builders will continue to build and innovate,” said Mustafa Kheriba, CEO of Iceberg Capital. “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.”

The fund will be operated by Iceberg Capital and aims to invest in projects and teams with a view to early-stage financing, such as pre-seed for Series A. The aim will be to accelerate the adoption of Web3 and metaverse applications through blockchain, DeFi and Web3 with an eye on long-term value for investors. It will do so by drawing on Iceberg’s network expertise, experience and capabilities to deliver incubation and acceleration programs and assist with the commercialization, listing, technical, regulatory and legal assistance needed to get projects off the ground.

The fund has already made its first investment in the Web3 sector by leading the $20 million round for Nümi Metaverse, a universal platform for creators. The platform is designed to allow members to create immersive 3D virtual worlds where users can be entertained and interact socially, also known as the “metaverse.” The platform is expected to launch its “Visual Novel” experience soon, which is a mini-game with a variety of special prizes for players.

Nümi has also announced plans to release a full VR metaverse by the end of the year, followed by a full version for PC and mobile in 2024.

“We are ready to allocate strategic investments in the most innovative Web3 startups that are poised for mass adoption,” said Peter Knez, president of Venom Ventures. “Our mission is to transform digital asset management and have a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

The Venom Ventures Fund is already accepting applications for Web3 projects, people and creative ideas on its website where people can apply today.

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