Polygon founder Sandeep Nailwal raises $50 million for Web-3 fund

Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund focused on Web3 companies. In doing so, he underlines the growing interest on the part of venture capital firms in the blockchain-powered Internet.

Nailwal's venture capital firm Symbolic Capital is funded by cryptocurrency protocols, exchanges, cryptocurrency-focused accounting firms and other venture capitalists, the firm said on Thursday. Symbolic's fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. The amount of seed funding for these startups has not been disclosed.

Nailwal said his company is focused on supporting project creators from emerging markets. This is perhaps a novel approach to venture capital. "When we founded Polygon in India, we struggled to get in touch with VCs who believed in our vision and our abilities as founders," he explained.

Nailwal co-founded Polygon in India in 2017 and then moved to Dubai 2 years later. In an interview with Bloomberg , Nailwal said he left his home country because of a lack of regulatory clarity regarding crypto.

Like other crypto VCs, Symbolic Capital has a strong focus on Web3 projects or solutions that promote the decentralized internet. As Cointelegraph reported, two Web3-focused funds were announced earlier this month. CoinFund launched a $300 million project and Shima Capital debuted a $200 million pledge.

According to Cointelegraph Research, Web3 projects accounted for the lion's share of crypto venture capital in the second quarter at 42 percent . Venture capital funds invested $14.67 billion in crypto startups between April and June, again in line with the first quarter.

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