Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund

Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund

The most recent venture capital firm to place a strong emphasis on Web3, gaming, and NFTs is Symbolic Capital.
Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund
Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund

Sandeep Nailwal, the creator of Polygon and a cryptocurrency entrepreneur, has received $50 million for a new startup fund aimed at Web3 companies, demonstrating venture capital’s rising interest in the internet powered by blockchain.

According to information released by Symbolic Capital on Thursday, Nailwal’s venture firm is supported by cryptocurrency exchanges, protocols, and auditing companies that specialize in cryptocurrencies. Three blockchain-focused gaming startups, BlinkMoon, Planet Mojo, and Community Gaming, have already received funding from Symbolic’s fund. These startups’ early funding sources were kept secret.

Nailwal stated that his company is focused on assisting project founders from emerging markets, which may be a novel approach to venture capital.

 “Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders,” he said.

Nailwal moved to Dubai two years after co-founding Polygon in India in 2017. Nailwal claimed in a Bloomberg interview that the lack of regulatory certainty surrounding cryptocurrencies was the reason he left his country.

Similar to other crypto-focused venture capital firms, Symbolic Capital places a strong emphasis on Web3 initiatives or products that will advance the decentralized internet. This month saw the launch of two Web3-focused funds: Shima Capital debuted with a $200 million commitment, and CoinFund launched a $300 million project.

According to Research, Web3 projects accounted for 42% of individual deals and the majority of cryptocurrency venture funding in the second quarter. Between April and June, venture funds made a massive $14.67 billion investment in cryptocurrency startups, matching the amount they allocated in the first quarter.