Bullet Points:
– Venom Foundation and Iceberg Capital have announced a $1 billion venture fund to support promising web3 companies.
– The fund, named Venom Ventures Fund (VVF), will focus on startups involved in payments, asset management, DeFi, banking services, and blockchain gaming.
– The fund will invest in projects and teams from pre-seed to Series A rounds.

The blockchain industry has seen a steep correction in prices recently, but that hasn’t stopped the Venom Foundation and Iceberg Capital from partnering up to launch a landmark $1 billion venture fund to support promising web3 companies. Named Venom Ventures Fund (VVF), the blockchain-agnostic fund will focus on startups involved in payments, asset management, DeFi, banking services, and blockchain gaming.

The fund will be largely focused on projects that have the potential to solve real-world problems and will invest in projects and teams from pre-seed to Series A rounds. Ex-BlackRock CIO Peter Knez and serial MENA investor Mustafa Kheriba have been charged with identifying startups that can accelerate the adoption of web3 while delivering a meaningful return for investors.

In addition to investing in promising web3 companies, both Venom Foundation and Iceberg Capital plan to offer additional support to their chosen projects. They will leverage their network and expertise to offer assistance in areas such as marketing, exchange listing, technical, legal, and regulatory.

Both Venom Foundation and Iceberg Capital are regulated by the Abu Dhabi Global Market (ADGM), with the latter being the first registered crypto foundation in the market. This fund marks an important milestone in the blockchain and cryptocurrency space, and should prove to be a great opportunity for web3 companies to gain the financial and non-financial support necessary to drive the industry forward.

The fund’s $1 billion value is sure to generate a lot of headlines, but it’s the additional support that Venom Foundation and Iceberg Capital offer that will be of most benefit to the chosen projects. The projects that they select will have an opportunity to accelerate the adoption of web3 and make a meaningful return for investors.

The launch of the Venom Ventures Fund marks a significant step forward for the blockchain and cryptocurrency industry, and will hopefully pave the way for more promising web3 projects to gain access to the resources they need to succeed. Developers and builders working on innovative web3 projects are encouraged to apply via the VVF website.