Polygon Founder Raises USD 50M for First VC Fund Built by Web3 Founders

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New York City, NY, 25th August, 2022, Chainwire

Symbolic Capital has announced the launch of an oversubscribed USD 50M fund focused on identifying the world’s best web3 startups. Led by Polygon founder Sandeep Nailwal and ex-Borderless Capital’s and Cere co-founder Kenzi Wang, Symbolic aims to support the best web3 projects with capital and mentorship to help founders realize their vision. 

As web3 figureheads with deep roots in the industry, Symbolic Capital’s founders are well placed to identify web3 projects whose solutions will power the decentralized web. Wang also co-founded Cere, a leading decentralized data infrastructure solution, while Nailwal’s Polygon role has been dedicated to mass adoption of Web3. Since meeting in Binance Labs in 2019, the two have co-invested in over 40 companies including Axie Infinity, YGG, Biconomy and many other top projects. 

“The mission of my life is to get Web3 to masses, that will happen only if we have pioneering Web3 apps and Symbolic capital has been setup to help those early stage developers to realize their visions”,” says Nailwal. “Symbolic will offer a level of support to our portfolio companies that is unique. We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face. For Web3/token startup, it's not only about the product and product market fit, it also is about designing sustainable economies with pragmatic tokenomics, building passionate communities around your product before taking your Token public, marketing across Web2 and Web3 both, BD and so much more. ”