Iceberg Capital teams up with Venom to create $1 billion blockchain fund
Abu Dhabi based blockchain platform Venom Foundation and investment manager Iceberg capital revealed a $1 billion venture fund focused on blockchain and Web3 companies.
The news was shared on Twitter by the foundation on Wednesday.
Their website says that the Venture Capital Fund supports early Web3 decentralized applications (dapps) and protocols, and that it prioritizes those that focus on long-term trends. These trends include payments, asset management and banking, as well as GameFi, it said.
It added that investments are not strictly reserved for Venom blockchain projects – anyone using Layer 1 (L1) as their primary blockchain and who has “achieved strong traction” is eligible and “we may well lead your next round of investment,” Venom Fundament said .
It added that
“Our incubator allocates capital to early-stage projects that show promise to bring mass adoption and prioritizes those with prospects for near-term profitability and sustainable businesses.”
The website further states that Venom Ventures Fund is managed by Iceberg Capital Limited, which is an alternative asset management company that offers diversified investment management platforms, including direct and private equity, venture capital, technology and virtual assets.
Iceberg Capital is regulated by Financial Services Regulatory Authority (FSRA) as a Prudential Category 3C investment manager based in the Abu Dhabi Global Market (ADGM).
Venom Ventures Fund is led by a former Chief Investment Officer at the asset management giant Black stonePeter Knez, who now serves as the foundation’s chairman, as well as Mustafa Kheriba, board member for several family offices and long-term investment expert in the Middle East and North Africa.
According to the website,
“Venom Ventures will also work with projects on token launch strategies, tokenomics and marketing campaigns, while ensuring that projects comply with necessary licensing and regulatory requirements.”
Knez was quoted by TechCrunch as saying that: “Recognizing that these are challenging times, VVF is committed to fostering innovation, driving growth and creating opportunities for its portfolio companies to succeed.”
Besides revealing the fund, the foundation announced an investment in large digital world-focused Nümi Metaverseits $20 million funding round, Reuters reported.
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