Out of all the Venture firms focusing on the blockchain, Polygon founder Sandeep Nailwal’s new start-up Symbolic Capital happens to be the latest one to raise a Web3 fund.
Sandeep Nailwal, a crypto entrepreneur and Founder of Polygon, alongside Cere co-founder Kenzi Wang, has successfully raised $50m from different investors. (though, they didn’t share specific names of investors)
The funding was raised for his new start-up, Symbolic Capital which focuses on backing new projects that build customer-side DApps. This start-up helps companies because Polygon wants to speed up Web3 app development and adaptation. In short, Symbolic Capital and Polygon have their goals aligned.
“My core mission is to bring mass adoption to web3, and that mass adoption is only going to happen via apps. It’s not like I’m going to build a blockchain, and people will come and use the blockchain — nobody uses blockchain directly. They always use it via some app,” said Nailwal.
Symbolic Capital has already invested in three blockchain-based startups – BlinkMoon, Polygon-based Planet Mojo, and Community Gaming.
Sandeep Naiwal is well aware of how difficult it is for projects to grow from emerging markets. For example, Polygon was started in India, and according to the founder, “we struggled to get connected to VCs that believed in our vision and abilities as founders.”
“It’s not closed for anybody who’s building in Silicon Valley, of course not. But being from India, like, technically, I would be an angel investor or an advisor to 95% of all the good projects that you would see coming out of the Indian subcontinent — they would come to me some way or the other, for help or guidance,” Nailwal added.
Sandeep Nailwal and Kenzi Wend met at Binance Labs in 2019. Since then, these two have invested in more than 40 companies, according to Nailwal. Nailwal also said that Weng is well aware of the Chinese market and how the Web3 ecosystem works there. Nailwal himself, on the other hand, knows a thing or two about how investors think in emerging markets such as India. These two combined will give a wide view of countries across the world.
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