Polygon founder, Sandeep Nailwal recently announced that he, alongside other Web3 developers, raised $50 million for a fund aiming to invest in Web4 startups.
The new business will go by the name of “Symbolic Capital”, and the fund wants to set itself apart by investing heavily in Web3, gaming, and NFTs.
Symbolic will be led by Sandeep Nailwal, the creator of Polygon, Kenzi Wang, a former partner at Borderless Capital, the company will look to support the most promising web3 projects by providing funding and guidance to assist web3 startups to achieve their goal.
The company differs itself by being run by two of the most influential Web3 experts in the world.
Kenzi Wang is the founder of Cere, one of the first specialized data-cloud infrastructure solutions, while Naiwal’s Polygon is one of the largest blockchains in the world.
The two web3 experts met in 2019’s rendition of Binance Labs. Since then, Naiwal and Wang have co-invested in over 40 different companies, including YGG, Axie Infinity, Biconomy, and many more.
“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 set up to help those early-stage developers to realize their visions,” Polygon’s founder stated. “Symbolic will offer a level of support to our portfolio companies that is unique.”
As of right now, Symbolic has already invested in three different blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. The funding received by these startups was not disclosed.
What it Means to Invest in Web3
Like other crypto-focused Venture Capitals, Symbolic Capital is heavily focused on Web3 projects or solutions that will advance the decentralized internet.
Web3 projects accounted for the majority of cryptocurrency funding in 2022’s second quarter, accounting for 42% of individual deals.
Venture funds invested $14.67 billion in cryptocurrency startups between April and June, matching their quota in the first quarter.
Nailwal Looking to Help Startups
Sandeep Nailwal was one of the four people responsible for building Polygon, one of today’s largest blockchain platforms, and the 14th biggest cryptocurrency market capitalization in the world.
The polygon co-founder shared that one of the reasons he is starting Symbolic Capital is to aid startups in need of a push.
“Starting Polygon in India, we struggled to connect with VCs who believed in our vision and skills as founders,” Nailwal stated.
“We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face,” he continued. “For Web3/token startup, it’s not only about the product and product market fit, but it also is about designing sustainable economies with pragmatic tokenomics, building passionate communities around your product before taking your Token public, marketing across Web2 and Web3 both, BD and so much more. ”