Iceberg Capital and Venom launch $1 billion venture fund to invest in Web3 projects

Rick Steves

“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.”

Fintech Generation

Venom Foundation has partnered with ADGM-regulated investment manager Iceberg Capital to launch a $1 billion venture fund called Venom Ventures Fund (VVF), which will focus in Web3 companies solving real-world problems.

ADGM stands for Abu Dhabi Global Market, the international financial center and free zone with its own legal system and regulatory regime within the UAE. ADGM also oversees the operation of Venom Foundation, a Layer-1 blockchain, the first of its kind to be regulated there.

VFF to invest in projects focused on payments, asset management, DeFi, banking, GameFi

The blockchain-agnostic fund will invest in long-term trends such as payments, asset management, DeFi, banking services, and GameFi, as it aims to become a leading supporter of next-generation digital technologies and entrepreneurs.

The fund will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Investee projects will be provided with support in the form of marketing, exchange listing, technical, legal, and regulatory.

Venom Ventures Fund (VVF) will be led by Peter Knez, ex-CIO at BlackRock, and Mustafa Kheriba, who has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.

Builders will continue to build despite steep correction in prices

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.”

Peter Knez, Chairman of Venom Ventures, said, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

Venom Ventures Fund (VVF) has already made its first investment, leading the $20 million funding round of Nümi Metaverse, a universal platform for creators, innovators, and followers that plans to launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.

Nümi Metaverse also has plans to launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.

Read this next

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<