Last Updated on August 26, 2022 by Bitfinsider

Sandeep Nailwal, the founder of Polygon and a cryptocurrency entrepreneur, has raised $50 million for a new startup fund dedicated to Web3 companies, highlighting venture capital’s growing interest in the blockchain-powered internet.

According to the company, Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms, and other venture capital investors. Symbolic has already made investments in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. These startups’ initial funding has not been disclosed.

Nailwal stated that his company is focused on assisting project founders from emerging markets, which may be a novel approach to venture funding. “When we first started Polygon in India, we struggled to connect with VCs who believed in our vision and abilities as founders,” he explained.

Symbolic Capital, like other crypto-focused venture capital firms, is heavily invested in Web3 projects or solutions that will advance the decentralized internet.

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