Venom Foundation has announced the creation of Venom Ventures Fund, a next-generation venture capital incubator that will invest in Web3 and related blockchain projects and help them reach their full potential. Iceberg Capital will be the launch partner for this venture.

Venom Ventures will prioritize companies that are developing blockchain infrastructure, such as decentralized applications (DApps), decentralized finance (DeFi), blockchain-based gaming, and other payment services.

The initiative aims to help businesses grow by providing them with financial backing as well as other incentives, including assistance with technological development, regulatory filings, and marketing efforts. The fund is worth $1 billion and will be available to businesses in pre-seed and Series A stages. It will serve as a conduit for “old money” to meet “new money.”

The company was founded by Peter Knez and Mustafa Kheriba, two highly experienced investment professionals who have worked with some of the most successful family offices in the Middle East and North Africa regions.

The team has already backed several projects across the blockchain ecosystem. These include: Project Bounties, which is developing incentives for EOS developers; BitFury Projects, which provides financial services for miners; and Matrix AI Network (MAN), an artificial intelligence research platform.

According to its website, Venom Ventures’ mission is to be “old money meets new.” Venom Ventures aims to turn Abu Dhabi into a world-leading finance center, where disruptive innovations in the Web 3.0, blockchain, and cryptocurrency industries can flourish.

Meanwhile, a $20 million funding round for Numi Metaverse was also announced, indicating that VVF is interested in delving into virtual worlds despite the industry’s rough time last year.