Polygon’s Founder Raises Funds Worth $50M for Web3

• Blockchain Council
• September 12, 2022

Polygon’s founder Sandeep Nailwal has managed to collect a $50 million fund aimed to invest in Web 3.0. These days many companies are heading towards Web 3.0 and Sandeep is aiming to fund these companies.

Sandeep’s venture capital company is supported by auditing firms, protocols, and dexs. Symbolic has already funded Planet Mojo, BlinkMoon, and Community Gaming, blockchain-focused gaming firms. These startups have the habit of keeping the early funding sources secret.

Nailwal stated that his organization is focused on assisting project creators from emerging markets, which may be a novel approach to venture capital. When Polygon was first founded in India, the founders “struggled to connect with VCs who trusted in our vision and ability as entrepreneurs,” he stated.

Symbolic Capital places a strong emphasis on Web3 initiatives or products that will improve the decentralized internet. Two Web3-based funds were revealed earlier this month, according to Cointelegraph; CoinFund started a $300 million project while Shima Capital began operations with a $200 million investment.

The rise of Web3 has resulted in the need for decentralized storage solutions that allow users to archive, retrieve and maintain their own data.

Will they be able to break centralized web service providers' stranglehold on the market? https://t.co/uJOthHq8lI

— Cointelegraph (@Cointelegraph) July 28, 2022

Web3 projects accounted for 42% of individual agreements and the majority of cryptocurrency venture capital in the second quarter. Venture capitalists poured a staggering $14.67 billion into cryptocurrency firms among April and June, mirroring their allocation from the first three months.

In 2017, Nailwal relocated to Dubai after co-launching Polygon in 2015. Reportedly, he wasn’t content with the country’s legislative steps towards crypto and felt uncertain, thus took the brave step of moving out and leaving the country.

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