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Polygon Founder Sandeep Nailwal’s Symbolic Capital Raises $50M to Back Web3 Startups

Symbolic Capital, the Venture Capital firm owned by the duo of Polygon co-founder, Sandeep Nailwal and Cere Network’s founder Kenzi Swang has raised $50 million to back Web3.0 startups. 

The fund is committed to supporting startups from developing countries, a move that recognizes the struggles innovators face before accessing funding in developing regions.

“We’re specifically focused on supporting founders from emerging markets that have often been passed over by traditional VC. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders," 

Said Nailwal in a statement. 

"Our mission with Symbolic is to empower the next generation of emerging founders who have historically been overlooked by the VC industry.”

According to the announcement shared by Symbolic Capital, the investment vehicle received backing active stakeholders in the crypto ecosystem including exchanges, auditing firms, and crypto vendors, and traditional LPs such as family offices and institutions. 

The operational model of Symbolic Capital will take a slight deviation from its competitors. 

The outfit said it will make use of a data platform to manage the startups it has invested in. The data platform will also be instrumental in guiding the firm’s next investments through the tracking of GitHub contributions, social media traction and token performance to mention a few.

Web3 Venture Capital Funding is Gaining Traction

The crypto winter might have slowed down institutional investors enthusiasm to back projects in the crypto space, but it has not completely killed the interest. 

The funding from Symbolic Capital is a show of genuine interest amongst investors to back protocols solving real world problems in the emerging Web3.0 ecosystem. Besides Symbolic Capital, CoinFund recently launched a $300 million fund to inject in the Web3.0 ecosystem.

Web3 funding announcements and developments

One major correlation between the Symbolic Capital Funding and that from CoinFund is that they both focus on early stage startups. Prior to this time, Symbolic Capital has injected capital into three innovative blockchain gaming protocols including BlinkMoon, Planet Mojo and Community Gaming.

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