Iceberg Capital Teams Up With Venom to Create $1 Billion Blockchain Fund

Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital revealed a $1 billion venture fund focused on blockchain and Web3 companies. 

The news was shared on Twitter by the foundation on Wednesday. 

We are pleased to announce the launch of the $1 Billion @VenomVentures fund. The fund will invest in innovative #Web3 companies solving real-world problems using #blockchain technology.

Learn more 👇https://t.co/XvGtTFeFei pic.twitter.com/cpK0IJgQ2U

— Venom Foundation (@VenomFoundation) January 11, 2023

Its website states that the Venture Capital Fund backs early-stage Web3 decentralized applications (dapps) and protocols, and that it is prioritizing those focused on long-term trends. These trends include payments, asset management and banking services, as well as GameFi, it said.

It added that investments are not strictly reserved for Venom blockchain projects – anyone who uses a layer 1 (L1) as their primary blockchain and who has “achieved strong traction” is qualified and “we might well lead your next investment round,” said Venom Foundation.

It added that, 

“Our incubator allocates capital to early-stage projects that show promise of bringing mass-adoption and prioritizing those with prospects of near-term profitability and sustainable businesses.”

The website further states that the Venom Ventures Fund is managed by Iceberg Capital Limited, which is an alternative asset management company that provides diversified investment management platforms, including direct and private equity, venture capital, technology, and virtual assets.

Iceberg Capital is regulated by the Financial Services Regulatory Authority (FSRA) as a Prudential Category 3C investment manager based in Abu Dhabi Global Market (ADGM).

The Venom Ventures Fund is led by a former Chief Investment Officer at asset management giant BlackRock, Peter Knez, who now serves as the foundation’s chairman, as well as Mustafa Kheriba, a board member for multiple family offices and long-term investment professional in the Middle East and North African regions.

Per the website,

“Venom Ventures will also work with projects on token launch strategies, tokenomics, and marketing campaigns, all while ensuring projects adhere to necessary licensing and regulatory requirements.”

Knez was quoted by TechCrunch as saying that: “Recognizing that these are challenging times, VVF is committed to fostering innovation, driving growth and creating opportunities for its portfolio companies to succeed.”

Besides revealing the fund, the foundation announced an investment in major digital world-focused Nümi Metaverse’s $20 million funding round, Reuters reported. 

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