Blockchain infrastructure provider Polygon’s founder, Sandeep Nailwal has raised $50 million to launch a new venture fund for early-stage Web3 startups. The firm, Symbolic Capital, is headed by Nailwal and Cere Network founder Kenzi Wang. Reportedly, the company is backed by several undisclosed venture capitalists as well as venture verticals of crypto exchanges.
Here’s all you need to know about the Polygon founder’s new Web3 fund:
About Polygon founder’s Web3 fund
The Polygon founder launched the Web3 fund to enable mass adoption of blockchain technology and Web3. Essentially, the firm will back early-stage startups developing consumer-facing decentralized applications (dApps). One of the first VC firms led by Web3 founders, Symbolic will also support NFT startups.
“The mission of my life is to get Web3 to masses, that will happen only if we have pioneering Web3 apps,” Polygon founder Nailwal said. “Symbolic capital has been setup to help those early stage developers to realize their visions. We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face.”
Already, Symbolic has invested in blockchain gaming companies like Blinkmoon, Planet Mojo, and Community Gaming. Its investments come alongside other leading firms such as Sequoia Capital, a16z, Galaxy Digital, Tiger Global, and FTX.
Currently, the Web3 funds’ initial investors include crypto protocols, VC firms, crypto exchanges, crypto auditing firms, and crypto vendors. A selection of family offices and institutions are also part of the investors.
Founded in 2017, Polygon is a layer two Ethereum scaling solution. Originally called MATIC, the blockchain allows faster transactions and lower gas fees. Its native currency is MATIC, which is available on all major crypto exchanges. Due to its advantages over Ethereum, a large number of Web3 companies are now opting for Polygon.