Klumi Ventures has become the first Web3 venture capital firm to receive a license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
As the sole Web3 VC and Fund Manager regulated by ADGM, Klumi Ventures stands at the forefront of the UAE’s rapidly evolving blockchain ecosystem, offering comprehensive support to early-stage Web3 startups. This strategic positioning aligns with ADGM’s proactive approach to introducing decentralized finance (DeFi) regulations and enhancing its virtual asset regulatory framework, as outlined in its 2024 business plan.
Kristiina Lumeste, Senior Executive Officer of Klumi Ventures, expressed her enthusiasm, stating, ” 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.”
To catalyze this mission, Klumi Ventures is launching two specialized funds. The $15 Million Qualified Investors Fund will focus on pre-seed and seed investments, providing crucial capital and support to early-stage Web3 startups. Additionally, the flagship $100 Million fund will target emerging technologies and decentralized sectors, fostering innovation across the Web3 landscape.
Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Klumi Ventures’ establishment, stating, “Its 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.”
Klumi Ventures’ license from ADGM represents a pivotal moment in the UAE’s digital asset journey. By becoming the first regulated Web3 VC firm in the region, Klumi Ventures is poised to play a vital role in nurturing the Web3 ecosystem, supporting innovative startups, and driving the adoption of decentralized technologies.
As the UAE continues to position itself as a hub for blockchain and digital asset innovation, initiatives like Klumi Ventures’ licensed operations exemplify the nation’s commitment to fostering a conducive environment for Web3 growth. This development sets the stage for further collaboration, investment, and groundbreaking advancements in the Web3 space, solidifying the UAE’s position as a leader in the global digital asset landscape.
