The Venom Foundation and Abu Dhabi-based investment firm Iceberg Capital have unveiled a joint venture to create a $1 billion fund for Web3 and blockchain projects. The Venom Ventures Fund will provide pre-seed and Series A funding for decentralized applications, protocols and other Web3 applications in the areas of payment, asset management and GameFi.
The new fund is backed by the Venom Foundation, a blockchain platform on the Ethereum network, and Iceberg Capital. The partnership will also provide incubation programs, industry connections and marketing, listing, and regulatory support to the funded companies and projects.
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According to Venom Ventures Chairman Peter Knez, the fund was seeded by its founders and regional institutional and private investors. He also noted that the fund is not limited to Abu Dhabi-based companies and would provide support to projects with global presence.
The fund will also be utilized to promote the Venom Foundation’s secure proof-of-stake-based blockchain solution, which has the potential to power many use cases, including micropayment solutions and financial inclusion. Knez also stated that the platform could help developing countries participate in the labor markets of Western countries.
“Payment systems, central bank digital currencies (CBDCs), stablecoins and remittances are core services for which Venom can provide a solution due to our unique combination of technology and business.”
Abu Dhabi is a rising hub for cryptocurrency and blockchain in the Middle East, with the Abu Dhabi Global Market (ADGM) releasing guidelines for the sector in September. The city is also home to numerous Web3 companies and cryptocurrency exchanges such as Binance and Kraken.
“Venom has a vision that developing countries can participate in the labor markets of Western countries.”
