UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

After UAE Varys Capital led a Pre- seed raise for Blockchain L2 platform developer Movement Labs in 2023 where the startup raised $3.4 million. This week Movement Labs announced it was raising $100 million in a series B funding round which led to a valuation of $6 billion.

The recent funding round is being led by CoinFund and Brevan Howard’s digital asset arm Nova Fund.

Movement Labs will use the new capital for product enhancements, and expansion into the Asia Pacific market. Movement is redefining the blockchain ecosystem as an EVM-compatible Layer 2 solution built on the Ethereum network. It utilizes the innovative Move programming language, designed to enhance scalability, security, and flexibility, ensuring high-performance decentralized applications.

Prior to the Series B funding round, Movement Labs had also raised $38 million in a Series A round led by Polychain.

In a LinkedIn post Varys Capital noted that UAE MBS Global Investments were early supporters of their fund which had invested in Movement Labs. Varys Capital stated, “We’re honored to not only have you on our cap table, but seeing the blossoming partnership between our two entities taking shape and broadening our collective reach.”

MBS Global Investments is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, with headquarters in Dubai UAE.

MBS Global Investments prior to that had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Varys Capital and FundRock create Master Fund in ADGM

In April 2024, Varys Capital (“Varys”) partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that would invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

Varys Capital has also invested in another layer 2 blockchain called MintLayer n that utilizes Dynamic Slot Allocation (DSA) consensus merging Proof-Of-Stake and Bitcoin technologies to make decentralized financial markets attack-proof. MintLayer has planned to launch it mainnet on January 29th 2024 and work to tokenize real-estate assets starting from Dubai UAE.

The Varys Capital portfolio is currently heavily focused on decentralized financing (DeFi) related platforms and services.

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital (“Varys”) has partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that will invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

The feeder fund will invest its assets into a Master Fund (“Fund”), which was initially established as an early-stage, equity-focused venture fund with a mandate centered around blockchain innovation, Web3, and infrastructure. The Fund has identified commitments across DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all centered around blockchain.

Varys will invest in multiple domestic companies and has entered the UAE because of the local government’s supportive directives, the country’s high level of innovation, robust local infrastructure, and forward-thinking minds. Since securing initial investment from prominent family offices, institutions, and high-net-worth investors, Varys has actively closed the gap on its $75m round.

The feeder fund’s appointed investment manager, legal counsel, fund administrator, and auditor are FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP, respectively.

Darius Askaripour, Director of Varys Capital, said, “Due to the government’s leadership and vision, ADGM has created limitless opportunities and attracted the most brilliant and talented minds in the digital asset space. As a unique venture fund with the capacity to quantitatively execute deals, we are honoured to be a significant contributing entity in the region. We have immediate plans for deployment, adding to our high-performing portfolio and reinforcing the global appeal of the United Arab Emirates as the nation continues to expand the wide use cases of blockchain technology.”

Matthew Pykstra from FundRock, said “We are thrilled to have partnered with Varys Capital on this feeder fund and are enthusiastic about the diverse offering that the fund brings to the region”

Arvind Ramamurthy, Chief of Market Development at ADGM, added “We congratulate Varys and FundRock on joining hands to manage a feeder fund, here in the ‘Capital of Capital’ – Abu Dhabi. This initiative aligns with ADGM’s growth strategies for the digital assets space, focusing on progressive regulations and initiatives encompassing DeFi, Blockchain, and other related sub-clusters.

ADGM’s vibrant community includes a range of domestic companies in the new-age finance sector, and we look forward to this fund strategically bridging the investment gap for these companies that will foster significant growth within the sector and enhance overall industry development.”