Abu Dhabi-based blockchain platform, Venom Foundation, and investment manager, Iceberg Capital, announced on Wednesday that they are partnering to launch a $1 billion venture fund for Web3, DeFi and GameFi.
Web3, DeFi and GameFi Remain in High Demand
Blockchain and cryptocurrency have been gaining popularity in recent years and have become a new frontier for investments. Many investors are trying to find new opportunities in this growing market.
Abu Dhabi-based blockchain platform, Venom Foundation, and investment manager, Iceberg Capital, have come together to launch a new venture fund, the Venom Ventures Fund (VVF) to tap into this potential. The $1 billion fund is focused on investing in promising web3 protocols and decentralized applications (dApps) that align with emerging trends such as payments, asset management, DeFi, banking services and GameFi.
The fund will be blockchain-agnostic and will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications (dApps) that focus on payments, asset management, DeFi, banking services and GameFi.
The VVF will focus on identifying and investing in highly promising, scalable and consumer-focused companies within the rapidly emerging web3 ecosystem. It will assist projects with marketing, exchange listing, technical, legal and regulatory support through Iceberg Capital’s resources.
VVF will be providing accelerator programs and targeted capital injections. The goal is to support its portfolio companies as they strive to achieve widespread adoption and significant growth. The fund also announced its first investment leading digital world-focused Nümi Metaverse’s $20 million funding round.
As the crypto market is currently facing challenges, this fund is one of the few that continue investing in the space. Without counting for star investor Cathie Wood who remains bullish on Coinbase’s ability to survive the crypto bear.
ARK Innovation ETF (ARKK) recently bought over 33,000 COIN shares, worth $1.45 million.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.