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First Web3 venture capital firm receives license in UAE

First Web3 venture capital firm receives license in UAE

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TL;DR

  • Klumi is the first sole Web3 VC fund to receive a license from ADGM
  • It is launching two specialized funds
  • A $15 Million Qualified Investors Fund is slated for pre-seed and seed investments for Web3 startups
  • Klumi intends to support the digital assets ecosystem in the UAE and Beyond

Klumi Ventures, a Web3 venture capital firm, has announced that it has become the first solely Web3 venture capital firm to receive a license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in Abu Dhabi UAE.

Klumi ventures is the sole web3 VC and Fund Manager regulated by ADGM. It stands at the forefront of the region’s burgeoning blockchain ecosystem, offering comprehensive support to early-stage startups

As per the press release, this event heralds a new era of innovation and investment opportunities in the region’s digital asset ecosystem, as Klumi Ventures leads the charge in fostering growth and empowerment in the Web3 sector.

“Klumi Ventures is honoured to be at the forefront of shaping the UAE’s digital asset landscape as the first Web3 venture capital firm regulated by the FSRA. We are proud to lead this transformative journey, shaping the future of Web3 investment and entrepreneurship in the Middle East and beyond. With ADGM’s support and the dynamic ecosystem in Abu Dhabi, we are dedicated to unlocking new avenues of growth and opportunity for Web3 startups”, commented Kristiina Lumeste, Senior Executive Officer of Klumi Ventures.

Klumi Ventures is launching two specialized funds, the $15 Million Qualified Investors Fund is slated for pre-seed and seed investments, providing early-stage Web3 startups with crucial capital and support to realize their vision and scale their operations effectively. The flagship $100 Million fund is tailored to emerge technologies and decentralized sectors.

Kristiina Lumeste added, “Abu Dhabi’s status as a global leading city and the ‘Capital of Capital’ presents unparalleled opportunities for growth and innovation in the digital asset space”.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We welcome Klumi to ADGM’s dynamic and progressive international financial centre. Its establishment as a Web3 Venture Capital Fund and bringing million-dollar 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. Coupled with ADGM’s regulatory capabilities, Klumi’s strategic approach can contribute greatly to the growth of the Web3 sector in the UAE and beyond. We look forward to Klumi’s journey in the UAE’s evolving digital asset landscape.”

In early 2024, The Abu Dhabi financial free zone hub, ADGM (Abu Dhabi Global Market) and its regulatory body the FSRA (Financial Services regulatory Authority) published their business plan for 2024 which outlines introducing DeFi regulations as well as amendments to its virtual assets regulatory framework.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lara Abdul Malak

Lara Abdul Malak is a seasoned tech journalist who got interested in blockchain after interviewing Vitalik Buterin in 2014. She is focused on the blockchain ecosytem in the MENA region. She HODLS Ethereum.

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