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Venom Ventures Funds (VVF), a venture capital firm that invests in early-stage technology firms, has announced that it has set up a new funding of $1 billion to invest in Web3 businesses that are solving real-life problems by leveraging blockchain technology.
The venture capital firm stated that the funding will primarily focus on usefulness, usability, and profitability. In addition, the firm stated that it aims to use a methodical and research-driven investment process that balances quantitative and qualitative analysis to enhance the future of Web3.
While the firm is yet to mention specific projects it hopes to support with the fund, VVF claims to have experience in expanding both traditional and Web3 funds in the past by providing selected projects with the required capital, global networks, and contacts needed for their growth.
VVF usually concentrates on businesses in sectors like software, biotech, and clean energy that are technology-driven. They often invest in startups at the seed or Series A round and offer resources and knowledge to aid in their expansion and success.
Since the announcement, the venture firm has been receiving congratulatory messages on Twitter. A Twitter user @nftPitch has however asked if projects eligible for the funding need to be built on Venom. While the user didn’t get a reply from Venom, another user replied that he doesn’t think so.
Funding in the Industry
The rollout of new funding in the industry has brought the revival that is much needed in the crypto industry at a time when the collapse of exchanges has brought fear amongst investors and key industry stakeholders.
Last week, MSafe, a digital firm that provides storage solutions for digital assets secured $5 million in funding, which is expected to be used to develop multi-sig solutions across its platform. The company declared that it intended to use the money to grow its personnel, product portfolio, and customer base.
Similarly, Axelar, an interchain communication protocol, announced a $60 million financing drive to aid web3 entrepreneurs in creating ground-breaking new technologies in the midst of the ongoing bear market.
The post Venom Ventures Launches $1B Fund to Promote We3 Projects appeared first on Blockchain, Crypto and Stock News.
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