The Web3-oriented Venom Ventures Fund (VVF) invested $5 million in Everscale to aid its expansion efforts.
The fund saw the light of day earlier last month after collaborating with the Abu Dhabi-based Iceberg Capital Limited and Venom Foundation.
The ‘Strategic Investment’
According to a document seen by Crypto Potato, VVF’s financing aims to support the Web3 industry by solving its scalability issues. It should also help Everscale complete its goal of hiring more developers and increasing the number of projects. The $5 million investments will be sent in stages, depending on the progress and other indicators.
Everscale has already displayed intentions to expand its global presence. Its particular goal is to integrate its blockchain solutions in Asia and establish a strong community in the region. Speaking on the matter was Peter Knez – VVF’s Chairman and former CIO of BlackRock:
“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”
Moon Young Lee – Everscale Foundation Board Member – described the investment as a “milestone” for the two entities.
“The technological capabilities of Everscale are immense, but they have been underappreciated by a wider audience.
Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves,” he added.
The Launch of the Fund
Venom Foundation and Iceberg Capital joined forces mid-January to introduce the $1 billion venture fund VVF. Its mission is to invest in Web3 dApps, blockchain projects, innovative protocols, Decentralized Finance (DeFi), and GemeFi.
Venom Ventures Fund relies on Iceberg Capital’s network and expertise to offer access to various incubation programs. It also provides investors with marketing, technical, legal, and regulatory support.
Mustafa Kheriba – Executive Chairman of Iceberg Capital – said his organization is “thrilled” to partner with Venom Foundation on the launch of the fund. He opined that crypto participants should not be concerned about the decline in the market but “build and innovate” during the challenging times.
VVF made its first steps in the investment field, leading Nümi’s $20 million funding round. The latter is a platform for influencers, creators, and developers that connects the gaming industry to the Metaverse.
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