Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund dedicated to Web3 companies. Underscoring venture capital’s growing interest in the blockchain-powered internet.
Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, and crypto-focused auditing firms. More importantly, other venture capital investors, the company disclosed on Thursday.
Web3 Projects as Main Focus
Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. Nailwal co-founded Polygon in 2017 in India before relocating to Dubai two years later.
In an interview with Bloomberg, Nailwal said he left his home country due to a lack of regulatory clarity around crypto. Like other crypto-focused VCs, Symbolic Capital is focused heavily on Web3 project solutions that will advance the decentralized internet.
Two Web3-focused projects were announced — CoinFund launched a $300 million venture and Shima Capital debuted with a $200 million commitment. Accordingly, the Web3 projects represented the lion’s share of crypto venture funding in the second quarter, accounting for 42% of individual deals.
Projects Aimed At Emerging Markets
Venture funds invested a whopping $14.67 billion into crypto startups between April and June, matching their allotment in the first quarter. The initial funding received by these startups was not disclosed.
In perhaps a new take on venture funding, Nailwal said his company is focused on supporting project founders from emerging markets. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders.
Track-Back On Nailwal Polygon
Crypto Relief was established by Polygon co-founder Sandeep Nailwal in the wake of the second wave of COVID-19 in India. Thereafter, the India Crypto Relief Fund financed healthcare initiatives, including backing UNICEF with $15 million to provide India with 160 million syringes.
Moreover, NFTs will serve a special purpose. The proceeds will then be utilized for projects that aim to create a significant healthcare impact. Crypto Relief prides itself on existing transparency and responsibility for the funds received through various efforts similar to this.
However, the fund selects novel ideas and innovative projects that provide real-world solutions to existing problems.
