Polygon’s founder, Sandeep Nailwal, alongside other Web3 founders, has raised a $50 million fund that will be focused on Web3 startups.
The new venture will be called Symbolic Capital. The fund plans to differentiate itself by using a unique data platform to drive its investments and the support of portfolio companies.
- According to a press release shared with CryptoPotato, Symbolic Capital has announced the launch of a $50 million fund that will be focused on Web3 startups.
- The raise was led by Sandeep Nailwal – founder of Polygon, alongside Kenzi Wang, co-founder of Cere.
- Speaking on the matter, Nailwal said:
The mission of my life is to get Web3 to masses, that will happen only if we have pioneering Web3 apps and Symbolic Capital has been setup to help those early stage developers to realize their visions. Symbolic will offer a level of support to our portfolio companies that is unique.
We built blockchain companies from the ground up and are intimately familiar with the unique challenges these projects face. For Web3/token startup, it’s not only about the product and product market fit, it’s also about designing sustainable economies with pragmatic tokenomics building passionate communities around your product before taking your token public, marketing across both Web2 and Web3, BD, ad so much more.”
- Some of the initial investments of the fund include BlinkMoon, Planet Mojo, and Community Gaming. They’ve co-invested alongside other firms like a16z, Sequoia Capital, and others.