Polygon co-founder launches $50 million fund to invest in Web3
Polygon co-founder Sandeep Nailwal launched Symbolic Capital, a $50 million venture capital fund focused on supporting Web3 startups in emerging markets. Nailwal's partner in the project was Cere Network founder Kenzie Wang. Their joint company has raised funds for the fund from other venture capitalists, cryptocurrency exchanges, family offices and institutions, which they declined to name.
"My main mission is to ensure mass adoption of Web3, and that's going to happen through applications. I'm not going to create a blockchain to be used. People don't do it directly, but always through some dapp."
Symbolic Capital has already invested in about 15 projects, including Web3 game studio BlinkMoon, Polygon-based Planet Mojo metaworld and Community Gaming, a cyber sports platform. Nailwal said the fund intends to allocate 80-90 percent of its capital to startups from developing countries. The investor is familiar with crypto projects in his native India, while his partner Kenzie Wang is a specialist in the Web3 ecosystem in China and Southeast Asia. They believe this gives them a broad view of leading emerging markets.