Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a brand new startup fund devoted to Web3 corporations, underscoring enterprise capital’s rising curiosity within the blockchain-powered web.
Nailwal’s enterprise agency, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing corporations and different enterprise capital buyers, the corporate disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo and Neighborhood Gaming. The preliminary funding obtained by these startups was not disclosed.
In maybe a brand new tackle enterprise funding, Nailwal stated his firm is concentrated on supporting challenge founders from rising markets. “Beginning Polygon in India, we struggled to get linked to VCs that believed in our imaginative and prescient and skills as founders,” he stated.
The rise of Web3 has resulted within the want for decentralized storage options that enable customers to archive, retrieve and keep their very own information.
Will they have the ability to break centralized net service suppliers’ strangehold in the marketplace? https://t.co/uJOthHq8lI
— Cointelegraph (@Cointelegraph) July 28, 2022
Nailwal co-founded Polygon in 2017 in India earlier than relocating to Dubai two years later. In an interview with Bloomberg, Nailwal stated he left his house nation because of an absence of regulatory readability round crypto.
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Like different crypto-focused VCs, Symbolic Capital is concentrated closely on Web3 initiatives, or options that may advance the decentralized web. As reported by Cointelegraph, two Web3-focused funds had been introduced earlier this month — CoinFund launched a $300 million enterprise and Shima Capital debuted with a $200 million dedication.
Based on Cointelegraph Analysis, Web3 initiatives represented the lion’s share of crypto enterprise funding within the second quarter, accounting for 42% of particular person offers. Enterprise funds invested a whopping $14.67 billion into crypto startups between April and June, matching their allotment within the first quarter.