Blockchain

Polygon Founder Reveals $50M VC Fund to Back Web3 Startups

Led entirely by Web3 builders to help provide access to unmatched funding for struggling startups.

Blockchain

Polygon Founder Reveals $50M VC Fund to Back Web3 Startups

Led entirely by Web3 builders to help provide access to unmatched funding for struggling startups.

With last week’s announcement of $50 million USD in funding (TechCrunch) for early-stage businesses, Polygon’s founder Sandeep Nailwal also revealed that he is launching another project — Symbolic Capital — alongside Kenzi Wang (Cere Network) to financially back and support developing Web3 startups.

While investors seem to be warming up to more Web3 ventures, venture capital (VC) is still difficult to come by, as many outside the crypto space believe the nascent industry to still be “high risk.”

Last year, Crunchbase reported approximately $17.9 billion USD invested in 1,312 deals in blockchain-related startups, recovering after a $2.1 billion USD across 790 deals in 2020’s pandemic.

According to Nailwal, Symbolic Capital will offer a unique alternative to traditional VC firms, due to the founder’s prior experience directly building Web3 applications. Specifically, it will allow for crypto startups to have access to unmatched funding and resources directly for and from crypto founders.

“When you look at the crypto VC landscape, it’s rare to find firms that were started by Web3 founders. We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face,” said Naiwal.

Leveraging the founder’s prior experience, the firm plans to invest in DApps, blockchain interoperability, NFT commercialization, metaverse expansion, and shaping the overall creator economy.

“We’re one of the first VC firms led exclusively by Web3 founders, allowing us to provide unparalleled support to the builders in our portfolio,” Symbolic Capital stated in an announcement.

Symbolic Capital has generated a proprietary data platform and collection of software tools to provide the most advanced support and decision-making for its invested ventures. The program will analyze Web3-related data such as token prices, Discord engagement, and industry-relevant trends.

“The VC industry has overlooked founders outside of traditional tech markets. At Symbolic, we’re empowering the next generation of emerging founders by investing in promising teams at the earliest stages, no matter their country of origin or background,” according to the firm’s website.

The VC has already invested in over 15 different early-stage companies like Blinkmoon, Planet Mojo, Arcana, and more who are similarly looking to disrupt the evolving Web3 market.

In February, Polygon raised $450 million USD in a new venture financing round, led by Sequoia Capital India, as well as participation from Tiger Global, SoftBank, Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Alan Howard, Dune Ventures, Alexis Ohanian’s Seven Seven Six, Animoca Brands, Dragonfly Capital, Kevin O’Leary, and more.

In other blockchain news, John Hopkins professor posts Tornado cash code to GitHub despite sanctions.

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