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Today: May 28, 2024
May 3, 2024
1 min read

First Web3 VC Firm Licensed in UAE: Klumi Ventures achieves milestone



TLDR:

  • Klumi Ventures received the first financial license in the UAE to invest in Web3 startups.
  • They are launching a $100 million fund for emerging technologies and a $15 million fund for early-stage Web3 startups.

Article Summary:

Klumi Ventures has made history by becoming the first Web3 venture capital firm to receive a financial license in the United Arab Emirates. This license allows them to invest in tokens and equity in early stage Web3 startups, contributing to the growth and empowerment of the digital asset ecosystem in the region.

The firm is set to launch two specialized funds to support Web3 startups. The first fund, amounting to $15 million, will focus on pre-seed and seed investments, providing crucial capital and support to early-stage startups. The second fund, a flagship $100 million fund, is tailored for emerging technologies and decentralized sectors.

Senior Executive Officer of Klumi Ventures, Kristiina Lumeste, expressed their excitement about shaping the UAE’s digital asset landscape and leading the transformative journey of Web3 investment and entrepreneurship. ADGM’s Chief of Market Development, Arvind Ramamurthy, welcomed Klumi Ventures to the financial centre, highlighting their strategic approach and potential contribution to the Web3 sector in the UAE and beyond.

ADGM’s regulatory capabilities and progressive Capital Markets Framework create a conducive environment for fund managers like Klumi Ventures to thrive while adhering to international standards. The establishment of Klumi Ventures marks a significant milestone in the digital asset landscape of the UAE, showcasing the growing importance of the city as a financial hub.


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