Venom, a Layer 1 Blockchain Serving North Africa and Other Emerging Markets, Launches $1 Billion Fund for Web3 Startups – BitcoinKE
Iceberg Capital and the Venom Foundation, both headquartered in Abu Dhabi, have formed a strategic alliance to invest $1 billion in a variety of Web3 applications.
As a result, the ‘blockchain-agnostic’ Venom Ventures Fund aims to invest in ‘innovative protocols and Web3 dApps … DeFi, banking and GameFi,’ the two Middle East investment groups said in a statement.
Venom’s range of services is extensive, with plans to operate a venture capital arm and a startup incubator, as well as provide advisory services for entrepreneurs, according to its website.
The company will also invest across the full spectrum of startups ranging from grants of $25,000 – $200,000, to equity investments ranging from seed-stage checks to late-stage capital.
“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 2 people responsible for the fund. “Limiting yourself by stage rather than the possibilities, if you have the capital, doesn’t really make sense – if you can do the homework.”
The fund and its size comes during a period of suppressed activity in the crypto and blockchain industry that was rocked by several implosions in 2022.
“Although the blockchain industry is witnessing a sharp price correction, we believe developers will continue to build and innovate,” Mustafa Kheriba, the second spokesman for the fund, said.
A good time to launch something like this is when liquidity is tight. You can put up a lot of capital, and there are a lot of people – good projects – who have a hard time raising capital.”
According to its website, the fund aims to be the point where “old money meets new.” The VVF team generally has a track record of growing both Web3 and traditional funds, as well as providing growth capital to both startups and scaleups.
The creation of Venom Ventures is the result of a collaboration between the Abu Dhabi-based Venom Foundation and Iceberg Capital, a locally regulated investment management company. Venom is a Layer 1 blockchain that is licensed by the Abu Dhabi Global Market (ADGM) and is specifically designed to meet the requirements of the Middle East, North Africa and other emerging markets.
The fund’s primary objective is to promote and support the growth of the Web3 industry in the United Arab Emirates (UAE), which has been a significant focus for the country in recent times.
Interested parties can submit their projects here.
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