Polygon raises $50 mn for Web3 fund
Sandeep Nailwal, the founder of blockchain infrastructure provider Polygon, has raised $50 million for a new startup fund named Symbolic Capital
By Shashank Bhardwaj
Launched in May by Nailwal, ex-Borderless Capital and Cere co-founder Kenzi Wang, Symbolic Capital aims to provide a wide range of services to its portfolio companies through a unique internal data platform. The crypto-focused venture capital firm will be exclusively working on Web3 companies. This demonstrates venture capital's increasing interest in blockchain-powered internet.
A number of crypto industry participants, protocols, exchanges, and auditing firms were among the investors in the Symbolic fund. Among them were venture capitalists. The fund was also supported by family offices and institutions. This will result in checks ranging from $500,000 to $1 million per project. Symbolic's fund has already made three investments in blockchain-focused gaming startups. These include BlinkMoon, Planet Mojo and Community Gaming. These startups' initial funding has not been disclosed.
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