Polygon Founder Sandeep Nailwal Launches $50 Million Web3 Venture Fund
Polygon founder Sandeep Nailwal and Cere co-founder Kenzi Wang will utilize the fresh capital to invest in promising Web3 startups from emerging markets.
Polygon founder secured $50 million in funding to invest in Web3 ventures
Sandeep Nailwal, the founder of Polygon, raised $50 million for his VC firm Symbolic Capital last week from other venture firms, crypto exchanges, family offices, and institutions.
To begin with, Symbolic Capital is a venture capital firm launched in May - headed by Nailwal and Cere co-founder Kenzi Wang. The duo plans to invest in promising Web3 startups, especially in firms building consumer-facing decentralized apps (dApps).
"My core mission is to bring mass adoption to web3, and that mass adoption is only going to happen via apps. It's not like I'm going to build a blockchain, and people will come and use the blockchain - nobody uses blockchain directly. They always use it via some apps," said Nailwal in an interview with TechCrunch.
Besides that, the Polygon founder will also use the funds to support Web3 founders from emerging markets. Based on his experiences in starting Polygon in India, looking for a VC that believes in Web3 projects can be a real struggle. With that in mind, Nailwal and Kenzi aim to do things differently with the $50 million war chest they've just acquired.
What makes Symbolic Capital stands out then? According to the company's announcement, it is one of the first VC firms led exclusively by Web3 founders. Thus, the team can leverage this background to provide unparalleled support to its portfolio companies.
Symbolic has made around 15 investments, including in Web3 gaming studio BlinkMoon, Polygon-based NFT game Planet Mojo, and esports platform Community Gaming. It is also a proud investor of Yield Guild Games' two sub-DAOs, namely IndiGG and YGG SEA.
On the whole, it's safe to say that the institutions remain pretty bullish on Web3. Just last week, global asset manager Invesco launched a multi-million dollar metaverse-themed fund. Earlier, CoinFund unveiled a $300 million Web3 fund. In Q2 2022, we saw a16z and Immutable each launching a half-a-billion dollar blockchain gaming fund.