The polygon founder collects $ 50 million for the web3 fund

The polygon founder collects $ 50 million for the web3 fund

Polygon co-founder Sandeep Nailwal has raised $ 50 million for a new risk fund that focuses on web3 startups in the early phase.

The company of Nailwals, Symbolic Capital, is supported by a series of non-announced venture arms of crypto exchanges and family offices as well as from other venture capital.

Symbolic will offer advisory and recruitment services for its portfolio companies as well as PR, marketing and auditing services.

Kenzi Wang, co -founder of Cere Network, joined the startup as a partner. The duo has invested together in more than 40 companies since its meeting at Binance Labs in 2019 - including Axie Infinity, Yield Guild Games and Biconomy.

The mission of the fund is to promote the mass acceptance of blockchain technology and web3, the founders said in a statement. It aims to consume consumer -oriented decentralized applications - such as: B. Zero-Knowledge-Proof or Metaverse apps and those that promote interoperability between blockchains-as well as to support NFT startups and the broader business of developers and influencers.

The fund has already invested in more than a dozen projects, including the Web3 Gaming studio Blinkmoon, the polygon-based meta-based planet Mojo and the E-Sport platform Community Gaming.

The step takes place after the private crypto fund from Shima Capital collected around $ 200 million, reported block works last week. The company's limited partners include the hedge fund billionaire Bill Ackman, the former presidential candidate Andrew Yang and the venture company Dragonfly Capital focused on Krypto.

In the same week, the company, which specializes in digital assets, took up $ 300 million for its latest venture vehicle, which plans to provide capital in later financing rounds. Cooinfund, operated by the risk capital David Pakman, has invested around $ 1 billion in start-ups in the seed phase since 2015.

The startups have started their business in the middle of what the market participants have described as a crypto winter, which indicates a growing interest in opportunistic strategies, since both private and liquid markets for digital assets have presented bargains for financially strong investors.

Risk capital providers invested $ 9.3 billion in crypto companies in the first six months of 2022, according to After crunchbase data-less than $ 12.5 billion in the same period of the previous year.

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The contribution Polygon founder collects $ 50 million for web3 funds is not a financial advice.