Iceberg Capital and Venom launch $1 billion venture fund to invest in Web3 projects

Venom Foundation has partnered with ADGM-regulated investment manager Iceberg Capital to launch a $1 billion venture fund called Venom Ventures Fund (VVF), which will focus in 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 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 services, and GameFi, as it aims to become a leading supporter of next-generation digital technologies and entrepreneurs.

The fund will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Investee projects will be provided with support in the form of marketing, exchange listing, technical, legal, and regulatory.

Venom Ventures Fund (VVF) will be led by Peter Knez, ex-CIO at BlackRock, and Mustafa Kheriba, who has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.

Builders will continue to build despite steep correction in prices

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life.”

Peter Knez, Chairman of Venom Ventures, said, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make 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 followers that plans to launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.

Nümi Metaverse also has plans to launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi 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.