The team of the first-ever Layer 1 blockchain regulated by the Abu Dhabi Global Market (ADGM) regulator partners with a local digital assets manager to establish a new Web3 foundation and strengthen the position of Abu Dhabi as a major fintech hub.
$1 billion Venom Ventures Fund goes live in Abu Dhabi
According to the official statement shared by Venom Foundation, a unique Layer 1 blockchain with dynamic sharding, it has launched Venom Ventures Fund, a new-gen VC incubator. Prominent investing manager Iceberg Capital becomes the launch partner of this initiative.
VVF launched new fund investing in #web3 businesses, with a focus on utility, usability, and profitability. Our investment process is systematic and research-driven, balancing quantitative and qualitative analysis in order to build the future of Web3.— Venom Ventures (@VenomVentures) January 11, 2023
In total, the two entities raised $1 billion for the new foundation. Venom Ventures Fund will prioritize investing in blockchain products aimed at solving real-world problems.
The foundation will support all projects with a clear mission and vision with no regard to the type of blockchain they are building on. This protocol-agnostic approach is set to nurture the most promising products of the Web3 segment.
Besides supporting selected projects with money and liquidity, Venom Ventures Fund will be backing them with consulting, support and marketing strategies.
Venom Ventures Fund is aimed at making Abu Dhabi a dominant fintech hub globally and a hotbed for cutting-edge innovations in the turbulent segments of Web3, blockchain and cryptocurrencies.
Nümi Metaverse becomes first incubee
Venom Ventures chairman Peter Knez is excited by the launch of the new entity and the range of opportunities it unlocks for engineers and business developers in crypto:
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.
Also, the new fund is among the first venture campaigns to be launched by fully regulated Abu Dhabi-based firms.
Venom Ventures Fund has already taken part in its first fundraising round. The firm led the $20 million round for Nümi Metaverse, a multi-purpose digital platform for creators, innovators and followers.