Venom Foundation And Iceberg Capital Partnered To Launch $1 Billion Venture Fund

Key Points:

• Blockchain company Venom Foundation and Iceberg Capital have partnered to launch a $1 billion venture fund Venom Ventures Fund.
• The fund will invest in pre-seed to Series A rounds for Web3 protocols and dApps that focus on trends like payments, asset management, DeFi, banking services, and GameFi.
• Iceberg Capital’s network, knowledge, and abilities will be used by VVF to offer incubation programs and access to a wide industry network. Additionally, it will provide marketing, exchange listing, technical, legal, and regulatory support for the investee projects.

UAE-based Venom Foundation, a layer 1 blockchain company, and Iceberg Capital, an Abu Dhabi Global Market investment management business, have teamed up to form Venom Ventures Fund (VVF), a $1 billion venture fund.

For Web3 protocols and dApps that target current trends like payments, asset management, DeFi, financial services, and GameFi, the fund will invest in pre-seed to Series A rounds.

Iceberg Capital’s network, knowledge, and abilities will be used by VVF to offer incubation programs and access to a wide industry network. Additionally, it will provide marketing, exchange listing, technical, legal, and regulatory support for the investee projects.

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said:

“We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. 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 leadership team of the fund is made up of some of the most seasoned traditional finance and blockchain experts in the world, including Mustafa Kheriba, a seasoned and well-known investment professional with an exceptional track record in the MENA area, and Peter Knez, a former CIO at BlackRock. In the Middle East and Europe, Mustafa has held directorships on the boards of major financial services and insurance firms.

With some local officials attempting to promote Abu Dhabi as a potent hub, it appears that many Middle Eastern investors are still optimistic about the future of Web3.

The decision to inject new funds into the cryptocurrency market comes at a difficult moment for the sector, which is still reeling from the collapse of the FTX exchange and a protracted crypto winter that has seen market prices fall precipitously.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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