[PRESS RELEASE – Abu Dhabi, Abu Dhabi, 11th January 2023]
Venom Basis, the primary Layer-1 blockchain licensed and controlled by the Abu Dhabi World Market (ADGM), and Iceberg Capital, an ADGM-regulated funding supervisor, formally announce that they’ve partnered to launch a $1 billion enterprise fund referred to as Venom Ventures Fund (VVF).
The blockchain-agnostic fund will spend money on modern protocols and Web3 dApps, specializing in long-term traits resembling funds, asset administration, DeFi, banking companies, and GameFi. It goals to turn out to be the main supporter of the next-generation digital applied sciences and entrepreneurs.
Venom Ventures Fund (VVF) will leverage Iceberg Capital’s community, experience, and capabilities to supply incubation applications and entry to an intensive trade community. Moreover, it should help the investee initiatives with advertising, trade itemizing, technical, authorized, and regulatory assist.
The fund’s management group consists of a few of the world’s most skilled conventional finance and blockchain professionals; together with Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known funding skilled with a formidable monitor report within the MENA area. Mustafa has served on the Board of Administrators of a number of monetary companies and insurance coverage firms within the Center-east and Europe.
Operated by Iceberg Capital, the fund will probably be investing in initiatives and groups from pre-seed to Sequence A rounds. It should attempt to speed up the adoption of blockchain, DeFi, and Web3 whereas producing long-term worth for buyers.
Mustafa Kheriba, the Govt Chairman of Iceberg Capital, stated “We’re thrilled to associate with Venom Basis, launching their new $1 billion fund. Despite the fact that the blockchain trade is witnessing a steep correction in costs, we imagine that builders will proceed to construct and innovate. With Venom Ventures, we will probably be offering monetary, technical, and advertising assist to probably the most promising groups and initiatives in Web3 house to assist them deliver their visions to life.”
The Abu Dhabi World Market (ADGM) is a world monetary heart and free zone that gives market contributors with a world-class authorized system and regulatory regime. Established and operated by ADGM regulated entities, Venom Ventures Fund (VVF) will probably be clear and can adhere to the laws.
Peter Knez, Chairman of Venom Ventures, stated, “I’m delighted to be part of the launch of our new Enterprise Capital fund right here in Abu Dhabi. I’m excited to work with a group of skilled funding professionals and gifted folks from the crypto trade, and we’re able to allocate strategic investments in probably the most modern web3 start-ups which can be poised for mass adoption. Our mission is to rework digital asset administration and make an enduring influence on the trade. Venom is the best platform for us to attain this aim.”
Venom Ventures Fund (VVF) leads the $20 million funding in Nümi Metaverse
The fund has made its first funding, main Nümi Metaverse’s $20 million funding spherical. Nümi Metaverse is a common platform for creators, innovators, and followers. Nümi will launch its ‘Visible Novel’ in 2023, a mini-game expertise with a spread of particular prizes for gamers.
Nümi will even launch VR metaverse by the top of this yr, adopted by a PC and cellular model in 2024. The Nümi funding showcases the fund’s funding technique. Builders and builders engaged on modern Web3 initiatives are invited to use for funding by way of the Venom Ventures Fund web site.
About Iceberg Capital
Iceberg Capital Restricted is regulated by FSRA as a Prudential Class 3C funding supervisor based mostly in ADGM. Iceberg Capital is a fast-growing different asset administration firm that gives diversified funding administration platforms that features direct and personal fairness, enterprise capital, know-how, and digital property. Iceberg Capital additionally presents conventional asset administration companies resembling funding portfolios in native and worldwide markets, monetary devices (equities, ETFs, commodities, derivatives, and many others), in addition to specialised platforms for securities, and blockchain know-how.
About Venom Basis
Venom is the world’s first regulated blockchain. The decentralized community operates beneath the jurisdiction of the ADGM, with a license to challenge utility tokens. The ADGM is an oasis for buyers and monetary companies corporations, positioning Venom because the world’s first compliant blockchain, affording authorities and enterprises the liberty to construct, innovate, and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by varied firms. It now harbors the potential to turn out to be a bridge for the adoption of CBDCs within the Center East, North Africa, and worldwide.