First Web3 Venture Capital Firm Regulated by Abu Dhabi Global Market

First Web3 Venture Capital Firm Regulated by Abu Dhabi Global Market

Klumi Ventures announced its achievement as the United Arab Emirates’ Web3 venture capital firm regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). T

Kristiina Lumeste

Kristiina Lumeste

“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

Arvind Ramamurthy

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.”

ADGM’s progressive Capital Markets Framework, coupled with its familiar legal and regulatory frameworks, offers a conducive environment for fund managers to thrive while adhering to international standards. Since May 2023, a total of 96 fund and asset management firms and funds have registered and operated in ADGM, highlighting the city’s growing importance as a financial hub.

 

Featured image credit: Klumi Ventures team