UAE VC Launch Fund For Web3 Ecosystem
Venom Foundation and Iceberg Capital have joined forces to launch a new fund for the Web 3 ecosystem in order to spur innovation.
The Venom Ventures Fund (VVF) will prioritise companies developing on the blockchain. According to a press release issued by both organisations, the fund will invest in blockchain projects focused on decentralised applications (DApps), decentralised finance (DeFi), blockchain-based gaming, and other payment services.
The $1 billion fund will be open to companies in the pre-seed and Series A stages, with the goal of connecting “old money with new money.” Venom Ventures confirms that, in addition to funding, selected projects will receive technical, regulatory, and marketing assistance.
Venom Ventures states on its website that it has extensive experience in Web 3 dating back three years. The fund claims that its accelerator programme will provide projects with all of the assistance they need to succeed in the blockchain space.
The announcement of the fund was accompanied by a $20 million funding round for Numi Metaverse, indicating that VVF is also interested in exploring virtual worlds despite the industry’s difficult year.
VVF describes itself as a “blockchain-agnostic” fund “determined to make a meaningful impact by leveraging its financial strength to provide value.”
(With inputs from Shikha Singh)
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