Venom Ventures, the Abu Dhabi-based cryptocurrency fund based on the Venom Foundation and Iceberg Capital, has so far had a lackluster performance since it was announced in January despite claiming to have $1 billion to invest in Web3 startups.
Venom Ventures, which led Nümi Metaverse’s $20 million round when it was announced, also made a $5 million strategic investment in Layer 1 blockchain Everscale in January. However, the fund has not announced any new deals since then. Information about its investment portfolio on Venom Ventures’ official website has not yet been updated. The Venom blockchain associated with this fund has yet to launch its mainnet. The fund’s leaders, Peter Knez and Mustafa Kheriba, did not respond to requests for comment on the fund’s progress.