Polygon Co-Founder Led A $50M Raise For New VC Fund Focused On Web3
- Symbolic Capital has recently secured $50 million in a funding round led by Polygon founder Sandeep Nailwal along with other prominent Web3 founders.
- The new venture capital plans to use the new funding to build a unique data platform and assist Web 3.0 developers in locations that typically lack access to venture capital investment.
Web3-focused startup Symbolic Capital has recently secured $50 million in a funding round led by Polygon founder Sandeep Nailwal along with other prominent Web3 founders, including Kenzi Wang, co-founder of Cere.
The new venture capital plans to use the new funding to build a unique data platform, aiming to drive its investment and support of portfolio firms.
According to the announcement, Symbolic Capital’s primary goal is to assist Web 3.0 developers in locations that typically lack access to venture capital investment. The ecosystem of digital currencies, including exchanges, family offices, and institutions, is supported by reputable businesses and money.
The difficulties Nailwal himself encountered when beginning his career at Polygon while working remotely from India led to the necessity for Symbolic Capital. He relocated to Dubai in part to get exposure to more funding. Nailwal and Wang are dedicated to concentrating solely on developing consumer-driven solutions and are focused on raising a fresh crop of Web3.0 applications.
“The mission of my life is to get Web3 to the 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. Symbolic will offer a level of support to our portfolio companies that is unique,”
Polygon founder commented on the matter.
Symbolic Capital has reportedly made investments in 15 firms, including BlinkMoon, Community Gaming, and Planet Mojo. Nailwal claimed that because he is a seasoned Web3.0 veteran, the funds are not for everyone but rather for those from emerging markets.
It is important to note that Polygon is known for its support to Web3 startups. The company raised $450 million earlier this year, demonstrating that investments in a protocol that aims to change the narrative are never too early or late.
Nilwal said for Web3/token startups, it’s not just about the product and product market fit; it’s also crucial to design sustainable economies with practical tokenomics. According to him, it is equally important for the companies to build ardent communities around their product before going public with their token, market across Web2 and Web3, and engage in business development.
The majority of well-known brands have been experimenting with Web3, which has put it in the spotlight. Recently, the venture capital arm of the crypto exchange Binance, Binance Labs, announced a strategic investment in Web3 infrastructure provider Ankr, as BitcoinWisdom reported.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
