A venture capital fund in the oil-rich emirate of Abu Dhabi is on the hunt for new blockchain projects to support from seed stage to IPO. The majority of its support goes towards projects in the payments, asset management, banking services and GameFi space.
Peter Knez, chair of the Venom Ventures Fund, told The Block that the Venom Ventures Fund is looking to place $1 billion in Web 3 projects. Knez said that a good time to launch something like this is when liquidity is scarce. You can show up with a lot of capital and there are a lot of people that are having a hard time getting capital. The Fund's main goal is to foster a robust Web 3 ecosystem in the UAE. The new strategy to inject $4 billion into the economy will be unveiled in the next four years, according to the neighboring emirate of Dubai. Part of the reason for being in Abu Dhabi, the UAE and Abu Dhabi in particular is that they are very accommodative to having a regulatory environment, Knez said.
Knez said that we ll decide how much we want to scale it down the road. A billion dollars is enough to get started.