The fund will invest in innovative Web3 companies solving real-world problems using blockchain technology.

Abu Dhabi’s Venom Foundation has announced the launch of Venom Ventures Fund, a $1 billion venture fund targeting startups in blockchain and web3 dApps and protocols. However, it will favor ventures that are focused on long-term trends including payments, asset management and banking services, as well as GameFi.  (Cryptonews)

Venom Ventures Fund

A primary objective of the VVF is to advance the way towards the development and adoption of a fairer financial system.

The fund is partnered with the Venom Blockchain, the layer-zero of blockchain development: an infinitely-scalable architecture on which any entity can build a customized, decentralized workchain.

However, investments are not reserved for Venom blockchain projects.

If a startup uses another L1 as its primary blockchain but has achieved strong traction, the fund will not hesitate to invest in it.

The fund is managed by Iceberg Capital Limited, which is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM.

Leadership

The Venom Venture Fund is led by Peter Knez (Ex-CIO at BlackRock and ex-global CIO for fixed income at Barclays Global Investors) and Mustafa Kheriba (a board member for multiple family offices and long-term investment professional in the Middle East and North African regions).

“With a steadfast commitment to identifying and investing in highly promising, scalable and consumer-focused companies within the rapidly emerging web3 ecosystem, VVVF is actively investing and building a portfolio of leading-edge web3 firms that are poised to achieve widespread adoption and achieve significant growth,” Knez said to TechCrunch.

Related Story:  WisdomTree Offers Blockchain UCITS ETF