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AGDM licenses first Web3 VC: Abu Dhabi-based blockchain venture capital firm Klumi Ventures has become the first Web3 venture capital firm to be regulated by the Abu Dhabi Global Market (ADGM) after receiving a license from ADGM’s regulator, the Financial Services Regulatory Authority (FSRA), the firm said in a press release. The license allows Klumi to invest in tokens and equity investments in early stage Web3 startups.
Background: Klumi Ventures received in-principle approval from ADGM last year, the firm’s COO Manal Rifki said in an interview at Future Blockchain Summit last October (watch, runtime, 6:03).
Klumi Ventures is launching two funds, its flagship USD 100 mn fund for investing in decentralized sectors, and a USD 15 mn qualified investors fund for pre-seed and seed investments in early-stage Web3 startups.
What was said: “Its establishment as a Web3 Venture Capital Fund and bringing specialized funds that fill a critical gap in the Web3 sector’s needs, positions Klumi strongly to harness the immense potential of this sector, not only in Abu Dhabi but also throughout the region,” ADGM’s market development chief, Arvind Ramamurthy said.
