Polygon founder raises $50 million for web3-focused fund

A new Web3-focused venture capital firm launched by Polygon (MATIC/USD) co-founder Sandeep Nailwal and Cere Network co-founder Kenzi Wang, has raised $50 million from investors, positioning itself for a crucial role in Web 3 development via investments that empower the next breakthrough projects.

The venture capital, dubbed Symbolic Capital, said on Thursday it had raised the $50 million VC with backing from among others, VC platforms, cryptocurrency exchanges and vendors, and leading auditing firms.

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Web3-focused fund

The fund targets supporting founders within the Web3 ecosystem, particularly those across emerging markets unable to secure funding from traditional VCs. The firm’s founders see this as one way of bringing to the masses applications that advance the adoption of Web3.

Specifically, the fund will invest in Web2 to Web3 applications projects seeking to solve real-world use cases powered by Web3. Other key areas will be in interoperability, zero knowledge (zk proofs) applications, NFT consumerisation (use beyond gaming and collectibles), the Metaverse and the creator economy.

Symbolic Capital has already made a few notable investments, according to details on its website. The firm’s portfolio currently counts disruptive blockchain technologies such as Binance-backed Blinkmoon, and play-to-earn game Planet Mojo.

Others are YGG Sea, crypto asset management solution Arcana and metaverse project Space Crypto.