Abu Dhabi Blockchain Platform, Venom Foundation Launches $1B Fund in Partnership with Iceberg Capital

• Abu Dhabi-based Venom Foundation and Iceberg Capital partnered up to invest $1 billion into Web3.
• The Venom Foundation is the developer of the first Layer-1 blockchain regulated by the Abu Dhabi Global Market.

Abu Dhabi-based blockchain platform Venom Foundation and Iceberg Capital Ltd. have partnered to launch the Venom Ventures Fund (VVF), a $1 billion fund that will invest in web3 protocols, decentralized applications (dApps), and projects in the metaverse.

The fund will focus on what the companies believe to be long-term trends in the industry, such as asset management, decentralized finance (DeFi), banking services, and GameFi. The leadership team of VVF consists of blockchain professionals, including Peter Knez, former chief information officer of BlackRock, and Mustafa Kheriba, an investor well-known in the Middle Eastern and North African region.

“We are thrilled to partner with Venom Foundation, launching their new $1 billion fund,” said Mustafa Kheriba, the Executive Chairman of Iceberg Capital. “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.”

The VVF has already made its first investment, leading a $20 million funding round for digital world-focused Nümi Metaverse. Nümi is developing a full virtual reality metaverse that is expected to be released by the end of 2023, followed by a full PC and mobile version in 2024.

The investment from VVF comes at a rough time for the cryptocurrency industry, which has been hit hard by the recent “crypto winter.” Crypto markets such as Bitcoin have fallen approximately 60% from their value in January 2022 to their current prices today.

However, the VVF team is confident that the long-term outlook for the blockchain industry is positive. They believe that the industry is still in its early stages of development, and that there are many opportunities for innovation and growth.

“We are excited to be investing in the Web3 and metaverse space,” said Peter Knez, a partner at VVF. “We believe that these are the next major trends in the technology industry, and we are confident that the VVF will be a leader in this space.”

The VVF is open to investing in both early-stage and growth-stage projects. They are particularly interested in projects that are solving real-world problems using blockchain technology. If you are a founder or investor in a Web3 or metaverse project, you can contact the VVF team to learn more about their investment criteria.