On Wednesday, Venom Foundation, an Abu Dhabi-based blockchain platform, and Iceberg Capital, an investment manager, announced they are partnering to launch a $1 billion venture fund for Web3, DeFi, and GameFi.
DeFi, GameFi, and Web3 Remain in High Demand
In order to take advantage of this potential, Venom Foundation has jointly launched the Venom Ventures Fund (VVF). A $1 billion fund will invest in promising web3 protocols and decentralized applications (dApps). These will be aligned with emerging trends such as payments, asset management, DeFi, banking services, and game technology.
In addition, the fund will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications (dApps) associated with payments, asset management, decentralized finance, banking, and game development.
Within the rapidly evolving web3 ecosystem, the VVF will identify and invest in highly promising, scalable, and consumer-oriented companies. By leveraging Iceberg Capital’s resources, it will assist projects with marketing, exchange listing, and technical, legal, and regulatory support.
VVF will provide accelerator programs and targeted capital injections. The company’s goal is to assist its portfolio companies in achieving widespread adoption and significant growth. Moreover, the fund announced its first investment, a $20 million round of funding led by the digital world-focused Nümi Metaverse.
