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Polygon founder raises $50 million for Web 3.0 development

Polygon founder raises $50 million

Sandeep Nailwal, the founder of Polygon, has raised $50 million for Symbolic Capital, a Venture Capital (VC) firm which is launching a startup fund devoted to Web 3.0 companies.

The development, which marks a new milestone in the career of the well-known Indian founder, will help empower and mentor founders of companies trying to build applications to bring more users into the Web 3.0 sphere.

To reach its goal of speeding up the adoption of Web 3.0, Symbolic has already invested in several blockchain-focused gaming startups, including BlinkMoon, Planet Mojo, and Community Gaming.

Nailwal spearheads the $50 million fund by Symbolic Capital alongside Cere co-founder Kenzi Wang. The fund is backed by crypto exchanges, crypto-focused auditing firms, and other VC investors. This is not the first time Nailwal and Wang clubbed together for seed funding startups. The pair has co-invested in more than 40 companies since 2019.

In an interview with CoinTelegraph, Sandeep says that he aims to replicate Polygon’s success with Symbolic Capital. He explains that he understands the struggle of starting small and getting VC funders to believe in their vision and abilities, and that’s what motivated him to start the fund.

Earlier this year, braving the crypto winter, Polygon managed to raise $450 million in a financing round. The funds were raised from giant VC firms in the industry like Sequoia Capital, Tiger Global, and SoftBank.

FAQs

Who is the founder of polygon technology?

Polygon, a blockchain platform, was founded by a team of individuals. The co-founders of Polygon include:
1. Jaynti Kanani
2. Sandeep Nailwal
3. Anurag Arjun
4. Mihailo Bjelic

What is the net worth of the founder of Polygon?

As of 2023, Sandeep Nailwal, one of the founders of Polygon, has an estimated net worth ranging from $1 billion to $1.5 billion. His net worth is derived from various sources, including personal investments in various crypto projects, his stake, and earnings from Polygon, a blockchain platform. Sandeep Nailwal is considered one of the first crypto billionaires in India, and his wealth is tied to the success and growth of Polygon, which has seen significant valuation increases.

Who are the angel investors in Polygon?

Polygon has received investment from various angel investors. Notable angel investors in Polygon include Sandeep Nailwal, who is also one of the founders of Polygon, as well as other individuals and entities who have provided support to the project. The list of angel investors in Polygon may not be exhaustive, and the platform has garnered attention and funding from a diverse range of supporters within the crypto and startup ecosystem.

What is symbolic capital Polygon?

Symbolic Capital is a crypto venture capital firm associated with Polygon, founded by Sandeep Nailwal, one of the co-founders of Polygon Labs. The firm focuses on supporting early-stage projects in the web3 space and blockchain technologies globally. In August 2022, Symbolic Capital successfully raised a $50 million fund to invest in blockchain applications and startups contributing to the web3 creator economy. The fund aims to support disruptive projects, particularly those in emerging markets.

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