Venom Foundation & Iceberg Capital launches $1 Bn Crypto Venom Venture Fund

• ByStartupStory     |    January 13, 2023

Venom Foundation, a blockchain firm, and Iceberg Capital Ltd, an Abu Dhabi-based investment manager, have launched Venom Ventures Fund, a $1 billion crypto venture fund (VVF). 

The fund will lead a $20 million funding round in the virtual world platform Nümi Metaverse. It intends to invest in early-stage startups focused on payments, asset management, banking services, and Web3 gaming. 

According to Chainalysis’ 2022 Global Crypto Adoption Index, MENA users transacted $566 billion in cryptocurrency between July 2021 and July 2022. This represents a 48% annual increase.

The launch comes at a time when the collapse of FTX and the current crypto landscape has caused a global slowdown in funding for crypto startups. Despite this, the MENA region is continuing to push for cryptocurrency adoption. 

According to its official website, its special focus is on those that look at long-term trends such as payments, asset management, banking services, and GameFi.

Iceberg Capital is a firm that manages alternative assets. It provides access to a variety of investment management platforms, including direct and private equity, venture capital, technology, and virtual assets.

Venom Ventures is led by Peter Knez, a former BlackRock chief investment officer. It is a layer-1 blockchain-licensed company that is governed by the Abu Dhabi Global Market (ADGM). Early-stage Web3 decentralised applications (dApps) and protocols are supported by the company.

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