March 29, 2024

Polygon Founder Sandeep Nailwal Launches $50M Web3 Fund

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Polygon Founder Sandeep Nailwal Launches $50M Web3 Fund

The head of Polygon, together with the head of Cere Network, raised $50 million for their new project, which, as businessmen say, will be different from other venture funds.

Sandeep Nailwal and Kenzie Wang(Kenzi Wang) launched a cryptocurrency-oriented project, Symbolic Capital. This venture company was created back in May, but Polygon assures that it will be different from all similar ones, since it is managed by the founders of crypto companies:

“We are one of the first venture capital firmsled solely by Web3's founders, providing unparalleled support for developers. When you look at the crypto venture market, it is rare to find projects created by founders of Web3 companies. We have built our business from the ground up and are very familiar with the unique challenges that such projects face.”

Symbolic said it plansto focus on supporting startups that create decentralized applications (dApps) for consumers. The company also said it has already invested in blockchain gaming companies Blinkmoon, Planet Mojo and Community Gaming.

Among Symbolic's initial investmentsCapital has projects such as Planet Mojo, Blinkmoon and Community Gaming. Co-investors are Sequoia Capital, a16z, Dragonfly Capital and other large financial companies.

Earlier, the Polygon team published its latest statistics, according to which the number of decentralized applications (dApps) on the platform exceeded 37,000, an increase of 400% since the beginning of the year.