The Venom Foundation has partnered with ADGM-regulated investment manager Iceberg Capital to launch a billion-dollar venture fund called the Venom Ventures Fund (VVF), which will focus on Web3 companies solving real-world problems.

ADGM stands for Abu Dhabi Global Market, the international financial center and free zone with its own legal system and regulatory regime within the UAE. ADGM also oversees the operation of the Venom Foundation, a Layer 1 blockchain, the first of its kind to be regulated there.

VFF to invest in projects focused on payments, asset management, DeFi, banking, GameFi

The blockchain-agnostic fund will invest in long-term trends such as payments, asset management, DeFi, banking and GameFi as it aspires to become a leading supporter of digital technologies and next-generation entrepreneurs.

The fund will leverage Iceberg Capital’s network, experience and capabilities to offer incubation programs and access to a broad industry network. Investment projects will receive support in the form of marketing, stock listing, technical, legal and regulatory.

Venom Ventures Fund (VVF) will be led by Peter Knez, former CIO of BlackRock, and Mustafa Kheriba, who has served on the board of directors of several insurance and financial services companies in the Middle East and Europe.

Builders will continue building despite sharp price correction

Mustafa Kheriba, CEO of Iceberg Capital, said: “We are delighted to partner with the Venom Foundation, launching their new $1 billion 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.”

Peter Knez, Chairman of Venom Ventures, said: “I am delighted to be 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 for us to achieve this goal.”

Venom Ventures Fund (VVF) has already made its first investment, leading the $20 million funding round of Nümi Metaverse, a universal platform for creators, innovators and fans that plans to launch its ‘Visual Novel’ in 2023, a mini-game experience. with a variety of special prizes for players.

Nümi Metaverse also has plans to launch VR metaverse later this year, followed by a PC and mobile version in 2024. Nümi’s investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.