Web3 Investments: Klumi Ventures Licensed in Abu Dhabi

Klumi Ventures, a venture capital firm dedicated to Web3, has achieved a groundbreaking milestone by obtaining a license from Abu Dhabi's Financial Services Regulatory Authority (FSRA). This license, a first for any Web3-specific venture capital firm, marks Klumi's entry into the regulated financial landscape of the Abu Dhabi Global Market (ADGM).

Klumi stands alone as a regulated Web3 venture capital and Fund Manager in ADGM, spearheading the region's flourishing blockchain environment. Their role is crucial in nurturing early-stage startups, providing them with both capital and guidance to thrive in a dynamic industry.

The licensing event is seen as a cornerstone for future innovation and investment within the digital asset sector of the region. Kristiina Lumeste, the Senior Executive Officer at Klumi Ventures, emphasised the firm's commitment to shaping the UAE's digital asset framework. "With the backing of ADGM and a vibrant local ecosystem, our aim is to open new pathways for growth and innovation for Web3 startups," Lumeste remarked.

The company has also launched two new funds aimed at boosting the sector. A $15 million Qualified Investors Fund will focus on pre-seed and seed investments in Web3 startups, while a larger $100 million flagship fund targets emerging technologies and decentralized sectors.

Arvind Ramamurthy, ADGM's Chief of Market Development, welcomed Klumi's initiative. "Klumi's presence strengthens ADGM’s role as a progressive international financial hub, filling a significant need in the Web3 sector and positioning the firm to leverage the vast potential of this space," he stated.

Adding to this, ADGM has disclosed its business plan for 2024, which includes the introduction of DeFi regulations and updates to its virtual assets framework, setting the stage for a comprehensive regulatory environment for digital assets.