Klumi, the initial Web3 venture capital firm to get licensed by ADGM, is going to launch two distinct funds. The first fund is aimed at investing in pre-seed and seed stages of Web3 startups, with a budget of $15 million for qualified investors. The firm's goal is to support the digital assets ecosystem in the UAE and beyond.

Klumi Ventures, a Web3 venture capital company, proudly announced that it has received the necessary license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), making it the first of its kind in the region. As a result, Klumi Ventures is poised to play a crucial role in the growing blockchain sector by providing vital assistance to early-stage companies.

The approval signals a new chapter in innovation and investment prospects within the digital asset domain in the region. As Klumi Ventures takes the lead in fostering growth and empowerment in the Web3 industry, the future looks promising for startups in this sector.

Kristiina Lumeste, the Senior Executive Officer of Klumi Ventures, expressed gratitude for being at the forefront of shaping the digital asset landscape in the UAE. The firm plans to revolutionize Web3 investment and entrepreneurship in the Middle East and beyond with the backing of ADGM and the vibrant Abu Dhabi ecosystem.

Klumi Ventures is launching two specialized funds, one with a budget of $15 million for early-stage Web3 startups to establish their vision and expand their operations efficiently. The other is a $100 million fund dedicated to emerging technologies and decentralized sectors.

Arvind Ramamurthy, the Chief of Market Development at ADGM, welcomed Klumi Ventures to the international financial hub of ADGM and praised the firm's strategic approach to filling vital needs in the Web3 sector. With Klumi on board, the growth prospects for Web3 in the UAE and beyond look promising, thanks to ADGM's regulatory capabilities.

In their 2024 business plan, ADGM outlined plans to introduce DeFi regulations and update their framework for virtual assets to further enhance the financial landscape in Abu Dhabi.