The growth of the Web3 VC industry is showing no signs of slowing down. Polygon founder Sandeep Nailwal is the latest to join the party after raising $50M for a new startup fund.
Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet.
Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms and other venture capital investors, the company disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo and Community Gaming. The initial funding received by these startups was not disclosed.
In perhaps a new take on venture funding, Nailwal said his company is focused on supporting project founders from emerging markets. “Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders,” he said. The rise of Web3 has resulted in the need for decentralized storage solutions that allow users to archive, retrieve and maintain their own data.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Polygon's Sandeep Nailwal Leads $50M Raise for a Web3-Focused VC FundSandeep Nailwal led a $50 million raise for a new VC fund that will be focused on Web3 startups.
Read more »
Telegram CEO Pavel Durov Hints at Web3 Integration – Bitcoin NewsPavel Durov, CEO of Telegram, one of the most popular messaging services linked to crypto, has hinted at the integration of some Web3 services into the platform.
Read more »
The Block Experiments with Web3 Paywall and Integrates Access ProtocolThe Block is excited to participate in an experiment with Access Protocol, a web3 alternative paywall for creators
Read more »
Neopets brings noughties nostalgia to web3 with metaverse launchNeopets Meta, the web3 spin-off of the classic early noughties virtual pets online game, will launch the alpha version of its metaverse on Friday.
Read more »