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.
