Sandeep Nailwal of Polygon and Kenzi Wang of Cere Network created Symbolic Capital, the latest venture capital firm that places a strong emphasis on Web3, gaming, and NFTs.
Sandeep Nailwal, the creator of Polygon and a cryptocurrency entrepreneur, has received $50 million for a new startup fund aimed at Web3 companies, demonstrating venture capital’s rising interest in the internet powered by blockchain.
Nailwal’s venture firm is supported by cryptocurrency exchanges, protocols, and auditing companies that specialize in cryptocurrencies according to details published by Symbolic Capital on Thursday. Three blockchain-focused gaming firms, BlinkMoon, Planet Mojo, and Community Gaming, have already received funding from Symbolic’s fund. These startups’ early funding sources were kept private.
Nailwal stated that his organization is focused on assisting project creators from emerging markets, which may be a novel approach to venture capital. When Polygon was first founded in India, the founders “struggled to connect to VCs that believed in our vision and abilities as founders,” he stated.
Nailwal moved to Dubai two years after co-founding Polygon in India in 2017. Nailwal claimed in an interview with Bloomberg that he left his country because there was uncertainty surrounding cryptocurrency regulations.
Like other crypto-focused VCs, Symbolic Capital is focused heavily on Web3 projects or solutions that will advance the decentralized internet. The $300 million CoinFund initiative and the $200 million debut of Shima Capital were two Web3-focused funds that were unveiled earlier this month.
Web3 projects accounted for the majority of cryptocurrency venture capital with 42% of all individual deals in the second quarter. Venture capitalists poured a staggering $14.67 billion into cryptocurrency firms between April and June, matching their allocation from the first three months.