• Venom Foundation and Iceberg Capital have partnered to launch a $1 billion venture fund called Venom Ventures Fund
• The fund will invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi
• It will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network
Abu Dhabi, Abu Dhabi, 11th January, 2023, Chainwire – Venom Foundation, the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM regulated investment manager, have partnered to launch a $1 billion venture fund called Venom Ventures Fund (VVF).
The fund’s mission is to invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of the next-generation digital technologies and entrepreneurs, while accelerating the adoption of blockchain, DeFi, and Web3 while generating long-term value for investors.
Operated by Iceberg Capital, the fund will be investing in projects and teams from pre-seed to Series A rounds. It will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support.
The fund’s leadership team consists of some of the world’s most experienced traditional finance and blockchain professionals; including Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known investment professional with an impressive track record in the MENA region. Mustafa has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.
Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said “We are thrilled to launch Venom Ventures Fund, which will provide a unique opportunity for investors to benefit from the growth of blockchain and digital assets. We believe that this fund is the best way to bridge the gap between traditional finance and innovative ideas in the blockchain space. We are also excited to tap into our extensive network of industry partners and investors to offer unparalleled support for the projects and entrepreneurs we invest in.”
The fund is expected to be operational in the first quarter of 2023 and is open to both institutional and retail investors. The fund will be managed by a team of experienced professionals in the blockchain and venture capital space.
The launch of Venom Ventures Fund is a major milestone in the development of the blockchain industry and Abu Dhabi’s blockchain ecosystem. It is also a clear sign of the region’s commitment to becoming a global leader in the adoption of innovative technologies and digital assets.