UAE’s metaverse startup Nümi raises $20 million from Venom Ventures Fund
- UAE-based metaverse startup Nümi has raised $20 million from Venom Ventures Fund (VVF), a newly launched $1 billion VC fund born out of Venom Foundation, a global multi-blockchain network focused on scaling Web3 applications in the decentralised finance (DeFi) and global payments markets.
- The VVF fund was launched in collaboration with an asset management company IceBerg Capital, and aims to invest in blockchain-based and Web3 startups.
- The announcement came soon after Vemon had obtained a licence to issue utility tokens from the Abu Dhabi Global Market (ADGM).
- Founded in 2021 by Victor Tumasov, Nümi looks to build a global entertainment ecosystem of VR users, influencers, and creators around the world.
- The startup is set to debut on VR headsets by the end of the year, followed by PCs and mobile devices in 2024.
After obtaining a formal licence to issue utility tokens from the Abu Dhabi Global Market (ADGM), Venom became the first blockchain to fall under the jurisdiction of a regulatory body. Located in the ADGM, Venom will have a leg up on the competition in any future ventures it undertakes, as the ADGM is a veritable paradise for investors and financial service organisations.
Venom Foundation announced the launch of its first venture fund, Venom Ventures fund, focused on investing in top-tier blockchain projects and Web3 DApps, priming it to become a leading supporter of next-generation digital technologies.
In fact, the Venom Ventures Fund (VVF) has just been unveiled. The formation of this fund was a collaborative effort with Iceberg Capital, a fast-growing alternative asset management company that provides diversified investment management platforms, including direct and private equity, venture capital, technology, and virtual assets.
The fund, integrated into the Venom blockchain and managed by a group of industry heavyweights and blockchain specialists, invests up to $1 billion in innovative Web3 start-ups out of ADGM. The Venture team consists of seasoned experts from both the traditional and blockchain industries. They are both traders and venture capitalists, and they hail from prestigious financial institutions like Blackrock and Iceberg Capital.
Peter Knez, a former Chief Investment Officer at BlackRock, and Mustafa Kheriba, a renowned investment professional with a stellar record in the region, are two such examples. After learning that the fund would be established in Abu Dhabi, he was overjoyed at the prospect of investing in and fostering the growth of potential blockchain start-ups. Venom and Iceberg’s top executives agree that investing in the best blockchain start-ups is a win-win.
Web3 dApps and protocols that cater to long-term trends like payments, asset management, banking services, and GameFi get the most attention from the VC fund. The incubation program offered by Venom Ventures Fund provides access to valuable assets like a global network, exchange support, marketing, market making, technology, legal, and regulatory assistance.
The initial investment for the fund is Nümi Metaverse.
Nümi, a worldwide metaverse platform for thought leaders, followers, and innovators, is one of the company’s first investments. When presenting their idea to the Venom Ventures Fund, they were given a $20 million investment. In 2023, the dev team hopes to release their “Visual Novel,” a minigame experience with a variety of special rewards for players.
Nümi is set to debut on VR headsets by the end of the year, followed by PCs and mobile devices in 2024. We expect additional investments from Nümi in the coming quarters and encourage new venture creators who are interested in applying to do so through the VVF website.