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Venom Foundation, a Layer 1 blockchain licensed and regulated by Abu Dhabi Global Market, and investment manager Iceberg Capital have partnered to launch a $1 billion venture fund, the two firms announced Wednesday.
The billion-dollar vehicle, Venom Ventures Fund (VVF), is a blockchain-agnostic fund that will invest in pre-Series A rounds for web3 protocols and decentralized applications (dApps) that focus on trends like payments, asset management , DeFi, banking services and GameFi.
The fund’s leadership team includes Peter Knez, former CIO of BlackRock and former CIO of global fixed income at Barclays Global Investors, and Mustafa Kheriba, a member of the board of directors of multiple family offices and a long-term investment professional at the Middle East and North Africa regions. .
The fund claims to be the intersection where “old money meets new,” according to its website. Overall, the VVF team has experience growing web3 funds and traditional funds, as well as experience providing growth capital for both start-ups and growth companies.
“Through the provision of our accelerator programs, grants, and targeted capital injections, VVF provides the necessary support and resources to help its portfolio companies,” Knez told TechCrunch.
VVF will also use the resources of Iceberg Capital to offer incubation programs, among other things. It will also assist the projects with marketing, listing, technical, legal and regulatory support, the two firms said in a press release.
“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,” Knez said.
Along with the fund announcement, VVF also made its first investment in the $20 million funding round of Nümi Metaverse, a leader in the digital world.
In the midst of the current bear market, this fund is one of the few massive funds appearing at the moment. During the last bull run, it seemed like a number of multi-billion dollar funds turned up frequently, but now, not so much.
“Venom Ventures is determined to make a significant impact by leveraging its financial strength to deliver value in a number of key areas including regulation, technology and acceleration,” Knez said. “Recognizing that these are challenging times, VVF is committed to fostering innovation, driving growth and creating opportunities for its portfolio companies to succeed.”
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