In the broadest terms, venom functions as a neurotoxin, hemotoxin, or combination.
Neurotoxins attack the nervous system and cause death by heart failure or suffocation (your lungs stop working). They also cause pain and paralysis.
Hemotoxins attack the circulatory system and body tissues. The result is pain, swelling and thinning or thickening of the prey’s blood and degeneration of organs. This is great for pre-digesting a meal.