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 traders, 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 acquired by these startups was not disclosed.
In maybe a brand new tackle enterprise funding, Nailwal stated his firm is targeted on supporting venture founders from rising markets. “Beginning Polygon in India, we struggled to get related to VCs that believed in our imaginative and prescient and talents as founders,” he stated.
The rise of Web3 has resulted within the want for decentralized storage options that permit customers to archive, retrieve and keep their very own knowledge.
Will they be capable of break centralized internet service suppliers’ stranglehold 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 attributable to an absence of regulatory readability round crypto.
Associated: VC Roundup: Lightning Community cost rail, DeFi buying and selling platform and blockchain safety agency elevate tens of millions
Like different crypto-focused VCs, Symbolic Capital is targeted closely on Web3 tasks or options that may advance the decentralized web. As reported by Cointelegraph, two Web3-focused funds have been introduced earlier this month — CoinFund launched a $300 million enterprise and Shima Capital debuted with a $200 million dedication.
In keeping with Cointelegraph Analysis, Web3 tasks 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.