The Abu Dhabi-licensed developer of the Venom Foundation blockchain platform, in partnership with Iceberg Capital, has launched a venture fund worth $1 billion. ForkLog was informed by project representatives.
The structure named Venom Ventures Fund (VVF) will invest in innovative protocols and Web3-applications for long-term trends such as payments, asset management, DeFi, banking services and GameFi.
It is expected that VVF will fund projects and teams from seed rounds through Series A. The fund will provide startups with technical, legal and marketing support, as well as help in dealing with regulators and with token listings on exchanges.
The fund’s management has been assumed by the investment firm Iceberg Capital.
“Although the blockchain industry is undergoing a sharp price correction, we believe developers continue to create and implement innovations. With Venom Foundation we will support the most promising Web3 projects,” said Mustafa Keriba, the executive chairman of the company.
VVF has already invested $20 million in the metaverse project Nümi.
In October 2022, Venom Foundation, as a crypto fund received a license from the Abu Dhabi Global Market regulator (ADGM) to operate a blockchain and issue utility tokens. The project positions its platform as the foundation for the development of CBDC and Web3 applications.
Iceberg Capital is registered with ADGM as an investment manager in the Prudential Category 3C. The firm focuses on the MENA region and offers clients both traditional financial services and opportunities in alternative investments.
As Fred Wilson, co-founder of Union Square Ventures, warned, investors in Web3 projects will face serious risks in 2023.
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