Mena firms launch $1bn web3 fund

Two Abu Dhabi-based firms have joined forces to launch a $1 billion venture capital fund which will invest in web3 decentralised apps and protocols.

Blockchain platform Venom Foundation has teamed up with investment manager Iceberg Capital for the fund, called Venom Ventures Fund, which will target blockchain, DeFi, crypto and web3 products and services in various sectors, including payments, gaming and asset management.

Iceberg Capital will manage the fund, while Venom will offer incubation programmes, exchange listing and regulatory support.  

The fund made its first investment in December, participating in a funding round for the soon-to-be-launched Nümi metaverse.

“Our mission is to transform digital asset management and make a lasting impact on the industry,” said Venom Ventures chairman Peter Knez.

©2023 funds global mena

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