Klumi Ventures, a venture capital firm focused on Web3 technologies, has made history by becoming the first exclusively Web3 VC firm to receive a license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in Abu Dhabi, UAE.
As the sole Web3 VC and Fund Manager regulated by ADGM, Klumi Ventures is leading the way in the region’s rapidly growing blockchain ecosystem, providing comprehensive support to early-stage startups.
According to a press release, this milestone marks a new era of innovation and investment opportunities in the region’s digital asset ecosystem, with Klumi Ventures spearheading growth and empowerment in the Web3 sector.
“We are honored to be shaping the UAE’s digital asset landscape as the first Web3 venture capital firm regulated by the FSRA,” said Kristiina Lumeste, Senior Executive Officer of Klumi Ventures. “We take pride in leading this transformative journey and shaping the future of Web3 investment and entrepreneurship in the Middle East and beyond. With the support of ADGM and the dynamic ecosystem in Abu Dhabi, we are committed to unlocking new avenues of growth and opportunity for Web3 startups.”
Klumi Ventures is set to launch two specialized funds. The first is a $15 million Qualified Investors Fund, which will focus on pre-seed and seed investments, providing crucial capital and support to early-stage Web3 startups to help them realize their vision and scale their operations effectively. The second is a flagship $100 million fund tailored to emerging technologies and decentralized sectors.
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, welcomed Klumi to ADGM’s dynamic and progressive international financial center. He stated, “Klumi’s establishment as a Web3 Venture Capital Fund, along with their million-dollar specialized funds that address a critical gap in the Web3 sector’s needs, positions them strongly to harness the immense potential of this sector, not only in Abu Dhabi but also throughout the region. Together with ADGM’s regulatory capabilities, Klumi’s strategic approach can significantly contribute to the growth of the Web3 sector in the UAE and beyond. We look forward to witnessing Klumi’s journey in the UAE’s evolving digital asset landscape.”
In early 2024, ADGM and the FSRA published their business plan for the year, which includes plans to introduce DeFi regulations and make amendments to their virtual assets regulatory framework.
