Venom Foundation and Iceberg Capital have announced an investment of $1 billion in a variety Web3 applications.
As such, the ‘blockchain-agnostic’ Venom Ventures Fund intends to invest in ‘new protocols and Web3 dApps, DeFi, banking services, and GameFi,’ according to a statement from the two Middle East investment firms.
According to the company’s website, Venom wants to operate a venture financing arm and a startup incubator, as well as provide advising services to founders.
The organization will also invest in a wide range of startups, from grants of $25,000 to $200,000 to equity investments ranging from seed-stage cash through late-stage funds.
“On the Venom Ventures side, our view is that we will do from Seed to Series, A, B, C to IPO,” said Peter Knez, one of the fund’s two managers. “If you have the funds, limiting yourself by stage instead of the quality of possibility doesn’t really make sense if you can do the homework.”
The fund and its magnitude come at a time of slowed activity in the crypto and blockchain industries, which were shaken by many explosions in 2022.
“Despite the fact that the blockchain market is experiencing a significant price correction, we believe that builders will continue to construct and innovate,” Mustafa Kheriba noted.
According to Mustafa Kheriba, the fund’s other spokesperson.
When liquidity is short, this is an ideal opportunity to launch something like this. You can show up with a lot of capital, and there are a lot of individuals – good projects – who are struggling to get capital.”
According to its website, the fund aspires to be the “meeting place of old and new money.” generally, the VVF team has a track record of growing both Web3 and traditional funds, as well as delivering growth capital to startups and scaleups.
Venom Ventures is the outcome of a collaboration between the Abu Dhabi-based Venom Foundation and Iceberg Capital, a locally registered investment management firm. Venom is an Abu Dhabi Global Market (ADGM) licensed Layer 1 blockchain that is designed especially to meet the needs of the Middle East, North Africa, and other emerging regions.
The main goal of the fund is to promote and assist the expansion of the Web3 business in the United Arab Emirates (UAE), which has recently been a major priority for the country.
To participate in the Venom Foundation Fund, click here to submit your project.
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