UAE investor group, Venom Foundation, has partnered with Iceberg Captial to invest in a $1 billion Web3 fund aimed at delving deeper into the world of dApps, Defi, and gaming applications. The Block initially reported the new Venom Venture Fund.
The investment is seeking to fund “innovative protocols and Web3 dApps,” according to a statement made by the investor group. Moreover, the Abu-Dhabi-based investor firm has collaborated with Iceberg to also make strides in the Defi, banking services, and gaming sectors of blockchain technology.
Venom Foundation Invests Big in Web3
The past year has been a tumultuous one for the crypto sphere. With plummeting prices and scandals involving prominent names, 2022 was a difficult one for a vast majority of investors. Yet, the early notion of 2023 seems optimistic, and the blockchain and Web3 aspects of the industry are continuing to make massive strides.
That will seemingly continue now, as UAE investor group, the Venom Foundation, has announced a $1 billion Web3 fund. Moreover, the announcement arrives with a collaboration between Venom and Iceberg capital, both set to invest in the greater potential of Web3.
The Venom Ventures fund is set up to invest further in “innovative protocols and Web3 dApps… Defi, banking services, and gamfi,” according to the firm. Moreover, the two middle eastern investment entities will join forces with Former BlackRock executives Peter Knez and investor Mustafa Kheriba.
The two will be a part of the fund’s leadership team, according to a statement given to The Block. Speaking of the opportunity, Kheriba stated his belief in the future of Web3. Remarking, “Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate.”