The first Tier 1 blockchain team regulated by regulator Abu Dhabi Global Market (ADGM) partners with a local digital asset manager to establish a new Web3 foundation and strengthen Abu Dhabi’s position as a major fintech hub.

Billion-dollar Venom Ventures Fund goes live in Abu Dhabi

According to the official statement shared by the Venom Foundation, a unique Layer 1 blockchain with dynamic sharding, has launched the Venom Ventures Fund, a new generation venture capital incubator. Leading investment manager Iceberg Capital becomes the launch partner for this initiative.

VVF launched a new fund investing in #web3 business, with a focus on utility, usability and profitability. Our investment process is systematic and research driven, balancing quantitative and qualitative analysis to build the future of Web3.

➡️https://t.co/rKc4C8cQfj

— Venom Ventures (@VenomVentures) January 11, 2023

In total, the two entities raised $1 billion for the new foundation. Venom Ventures Fund will prioritize investment in blockchain products aimed at solving real-world problems.

The foundation will support all projects with a clear mission and vision, regardless of the type of blockchain they are being built on. This protocol-independent approach is set to nurture the most promising products in the Web3 segment.

In addition to supporting select projects with money and liquidity, the Venom Ventures Fund will back them with consulting, support and marketing strategies.

Venom Ventures Fund aims to make Abu Dhabi a globally dominant fintech hub and a hotbed for cutting-edge innovations in the turbulent Web3, blockchain and cryptocurrency segments.

Nümi Metaverse becomes the first incubator

Venom Ventures President Peter Knez is excited about the launch of the new entity and the range of opportunities it opens up for crypto business engineers and developers:

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 for us to achieve this goal.

Furthermore, the new fund is among the first venture campaigns launched by fully regulated companies based in Abu Dhabi.

Venom Ventures Fund has already participated in its first round of fundraising. The firm led the $20 million round for Nümi Metaverse, a multipurpose digital platform for creators, innovators, and fans.