The Venom Foundation and Iceberg Capital have partnered to launch a new fund for the Web 3 ecosystem to spur innovation in the space.

The fund, known as the Venom Ventures Fund (VVF), will give a premium to companies that rely on the blockchain. A press release from both entities confirms that the fund will invest in blockchain projects focused on decentralized applications (DApps), decentralized finance (DeFi), blockchain-based gaming, and other payment services.

Worth $1 billion, the fund will be open to companies in the pre-seed and Series A stages, aiming to be the bridge where “old money meets new.” Venom Ventures confirms that selected projects will be offered a variety of incentives in addition to funding, including technical, regulatory, and marketing support.

On its website, Venom Ventures mentions that it has considerable experience in Web 3, spanning over three years. With its accelerator program, the fund says projects will get access to all the help they need to get ahead in the blockchain space.

“With a strong commitment to identify and invest in highly promising, scalable, consumer-focused companies within the rapidly emerging web3 ecosystem, VVVF is actively investing in and building a portfolio of cutting-edge web3 companies that are poised for widespread adoption and achieve significant growth,” said Peter Knex, VVF executive.

The fund announcement was accompanied by a $20 million round of funding from Numi Metaverse, suggesting that VVF is also interested in exploring virtual worlds despite a difficult 12 months for the industry.

Venom Ventures Funds (VVF) describes itself as a “blockchain agnostic” fund “determined to make a significant impact by leveraging its financial strength to deliver value.”

Funding runs out for Web3

Institutional investors in the virtual currency ecosystem are treading cautiously, given the tumultuous period the industry is facing. One consequence of the myriad of tragedies is the flight of capital from the space and the reluctance of investors to pour more funds into the industry.

Web3-focused funds are now few and far between as VCs opt to wait out the regulatory storms. In the face of the large-scale crashes that have ravaged the industry, regulators around the world are scrambling to keep an eye on the sector, with analysts predicting sweeping changes that could change the face of virtual assets.

Keeping up with the trends, Web3 serial investor Animoca Brands has cut its widely anticipated Web3 fund in half to $1 billion with a heavy focus on non-fungible tokens (NFTs) and the metaverse.

See: Blockchain Venture Investing: Powering Utility for a Better World

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