Abu Dhabi-based Venom Ventures Fund is making a $5 million strategic investment in Layer 1 blockchain Everscale.
The investment will be made in stages based on progress and cooperation, according to a company release.
Everscale is one of Venom Ventures Fund's first publicly announced investments. Earlier this month, the investment fund announced it had raised $1 billion to invest in web3 applications with a mandate to help foster the development of the web3 market in the United Arab Emirates (UAE).
“On the Venom Ventures side, our view is we will do from seed to Series, A, B, C to IPO,” said Peter Knez, Venom Ventures fund chairman, in a recent interview with The Block. “Restricting yourself by stage rather than by quality of opportunity, if you have the capital, doesn’t really make sense — if you can do the homework.”
Everscale is a blockchain that is powered by "an infinite sharding mechanism," which effectively splits up the blockchain among those running the network — enabling it to adapt to workloads it is tasked with, the release said. Over the past two years, the blockchain has been working to expand its reach in Asia. The new funds will be used to expand its development team and projects.
Venom Ventures Fund is launched in partnership between an Abu Dhabi regulated Layer 1 blockchain, Venom Foundation, and Iceberg Capital, an investment firm. The strategic investment will enable the Everscale and Venom networks to work together.
“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," said Knez in the release. "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.”
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