The US$1 billion Web3 fund Venom Ventures Fund has not announced new progress so far this year

Venom Ventures Fund, the $1 billion Web3 fund launched earlier this year, is nearing the end of its first year of business, however, there is no new information about its portfolio on the Venom Ventures website. The Block Research deal database shows that Venom Ventures has no record of investing in startups since January this year. According to a recent post on the X platform by Venom Foundation CEO Christopher Louis Tsu, the Venom blockchain to which the venture fund is affiliated has yet to launch its mainnet. At the same time, Peter Knez, a member of its leadership team and a former BlackRock executive, took on new responsibilities. He was recently appointed chairman of a new environmental fund called O.N.E Amazon. The reporter repeatedly sought comment from Mustafa Kheriba, another member of the leadership team, Venom Ventures and Venom Foundation on the progress of the fund, but received no response. Some industry insiders believe the hype surrounding Web3-friendly capital in the Middle East is nothing more than a mirage. (The Block) It was previously reported in January that the Venom Foundation, headquartered in Abu Dhabi, partnered with Iceberg Capital to launch a US$1 billion venture fund "Venom Ventures Fund". The two Middle Eastern investment institutions said in a statement that Venom Ventures Fund aims to invest in "innovative protocols and Web3 DApps...DeFi, banking services and GameFi."