Symbolic Capital is the latest venture company to concentrate heavily on Web3, NFTs, and Gaming. Sandeep Nailwal, a cryptocurrency entrepreneur who is also the founder of Polygon, has raised $50 million to fund a new startup capital dedicated to Web3 companies.
This demonstrates venture capital’s increasing interest in the blockchain-powered web.
The company announced Thursday that Symbolic Capital, Nailwal’s venture business, is backed in part by crypto-focused auditors firms, exchanges, and cryptocurrency protocols. Symbolic Capital’s fund has invested in three blockchain-focused gaming startups, BlinkMoon and Planet Mojo. These startups did not receive the initial funding.
Nailwal stated that his company supports project founders in emerging markets, perhaps as a new approach to venture funding. He said that Polygon was founded in India by Nailwal and it was difficult to connect to VCs who believed in the founders’ visions.
Nailwal founded Polygon in India in 2017. He moved to Dubai two years later. Interview with Bloomberg: Nailwal stated that he fled his country because of a lack of regulation around crypto .
Symbolic Capital, like other crypto-focused VCs is heavily focused on Web3 projects or solutions that will promote the decentralized internet. Cointelegraph reported that two Web3-focused funds have been announced this month: CoinFund launched an investment of $300 million, and Shima Capital made a $200 million commitment.
Cointelegraph Research found that Web3 Projects accounted for 42% of all individual deals in crypto venture funding. Venture funds have invested $14.67 billion in crypto startups between April & June, equaling their first quarter allocation.