Venom, Iceberg launch a $1 billion Web3 venture fund VVF to invest in early-stage startups ahead of the next crypto bull run

The ongoing recession and economic slowdown have created opportunities for companies and investors looking to invest in promising startups with the potential to become industry leaders and unicorns of tomorrow. The impact is even more felt in the crypto industry where the collapse of FTX and crypto winter has rattled the entire crypto market.

While headlines are filled with gloom and doom of recession, Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital believe this is a perfect time to invest in the next-generation digital technologies and long-term trends including Web3, dApps, payments, asset management, and DeFi.

Today, Venom and Iceberg announced the launch of a $1 billion crypto venture fund Venom Ventures Fund (VVF) to invest in early-stage startups focused on payments, asset management, banking services, and gaming on Web3, a future version of the internet built on blockchain.

Commenting on the new venture fund, Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in the Web3 space to help them bring their visions to life.”

Venom Ventures Fund (VVF) leads the $20 million funding in Nümi Metaverse

In addition, the firms also announced the venture fund has made its first investment, leading a $20 million funding round in Nümi Metaverse, a universal and virtual world platform for creators, innovators, and followers. According to the announcement, Nümi will launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players. The startup also plans to launch its VR metaverse by the end of this year, followed by a PC and mobile version in 2024.

Venom Ventures fund is chaired by former BlackRock chief investment officer Peter Knez and will be operated by investment firm Iceberg Capital which is regulated by Abu Dhabi Global Market (ADGM)- the emirate’s international financial center. Venom claims to be the world’s first regulated blockchain that operates under the jurisdiction of the ADGM, with a license to issue utility tokens.

The ADGM is an international financial center and free zone that provides market participants with a world-class legal system and regulatory regime. Established and operated by ADGM-regulated entities, Venom Ventures Fund (VVF) will be transparent and will adhere to the regulations.

Peter Knez, Chairman of Venom Ventures, said, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

The launch comes at a time when nearly $1.4 trillion was wiped off the crypto market due to the ongoing crypto winter and the collapse of FTX. But investors also think it’s a good time to invest in great crypto startups ahead of the next crypto bull run.