Venom Foundation and Iceberg Capital Launch $1 Billion Venture Fund to Invest in Web3 • MastStatus

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Venom Foundation, a layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market, and investment manager Iceberg Capital have partnered to launch a $1 billion venture capital fund, the two companies announced Wednesday.

The $1 billion vehicle, Venom Ventures Fund (VVF), is a blockchain agnostic fund that will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications (dApps) targeting trends such as payments, wealth management, DeFi, banking services and GameFi.

The fund’s leadership team includes Peter Knez, ex-CIO of BlackRock and former global CIO for fixed income at Barclays Global Investors, and Mustafa Kheriba, board member for multiple family offices and long-term investment professional in the Middle East and North African regions.

The fund aims to be the intersection where “old money meets new,” according to the website. Overall, the VVF team has experience growing both web3 funds and traditional funds, as well as providing growth capital for both startups and scaleups.

“Through our accelerator programs, grants and targeted capital injections, VVF provides the support and resources needed to help its portfolio companies,” Knez told MastStatus.

VVF will also use Iceberg Capital’s resources to offer incubation programs, among other things. It will also help projects with marketing, listing, technical, legal and regulatory support, the two firms said in a press release.

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

In addition to announcing the fund, VVF also made its first investment in leading digital-focused Nümi Metaverse’s $20 million funding round.

Amidst the current down market, this fund is one of the few huge funds popping up in the space right now. During the last bull run, it seemed like several billion-to-billion-dollar funds pop up on a regular basis, but not so much now.

“Venom Ventures is committed to making a meaningful impact by leveraging its financial strength to provide value in a number of key areas, including regulatory, technology and acceleration,” said Knez. “VVF recognizes that these are challenging times and is committed to fostering innovation, driving growth and creating opportunities for its portfolio companies to succeed.”

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