Klumi Ventures, a Web3 venture capital firm, has made history by becoming the first exclusively 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 only Web3 VC and Fund Manager that is regulated by ADGM. It is at the forefront of the growing blockchain ecosystem in the region and provides comprehensive support to early-stage startups.
According to a press release, this achievement marks a new era of innovation and investment opportunities in the region’s digital asset ecosystem. Klumi Ventures is leading the way in fostering growth and empowerment in the Web3 sector.
“We are honored to shape 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, 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 launching two specialized funds. The $15 Million Qualified Investors Fund will focus on pre-seed and seed investments, providing early-stage Web3 startups with essential capital and support to realize their vision and scale their operations effectively. The flagship $100 Million fund is designed for emerging technologies and decentralized sectors.
Kristiina Lumeste added, “Abu Dhabi’s status as a global leading city and the ‘Capital of Capital’ offers unmatched 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 highlighted the importance of Klumi as a Web3 Venture Capital Fund and its million-dollar specialized funds that fill a critical gap in the Web3 sector’s needs. He believes that Klumi’s strategic approach, coupled with ADGM’s regulatory capabilities, will contribute significantly to the growth of the Web3 sector not only in Abu Dhabi but also throughout the region. He looks forward to Klumi’s journey in the UAE’s evolving digital asset landscape.
In early 2024, ADGM and FSRA published their business plan for 2024, which includes the introduction of DeFi regulations and amendments to their virtual assets regulatory framework.