Crypto VC Symbolic Capital raised $50 million for a venture capital fund from Web3 founders and Web3 enthusiasts such as crypto exchanges, family offices and institutions. Polygon founder Sandeep Naliwal and Cere Network founder Kenzi Wang launched the cryptocurrency-focused venture capital fund – Symbolic Capital – in May 2022.
The goal is to enable widespread adoption of Web3 through decentralized consumer applications (dApps). Thus, Symbolic Capital plans to support startups creating consumer-oriented apps, such as those working on blockchain networks, smart contracts, NFT exchanges, metaverse, etc.
To make the investments data-rich, Symbolic Capital will use the data platform to manage the startups it has invested in and manage other checks on the firm by monitoring GitHub posts, social media traction, and token performance, among other things.
Sandeep Naliwal, Founder of Polygon, said, “When you look at the crypto VC space, it’s rare to find firms that were founded by the founders of Web3. We have built blockchain companies from the ground up and are intimately familiar with the unique challenges these projects face.”
He added, “We specifically focus on supporting founders from emerging markets who have often been overlooked by traditional VCs. When we started Polygon in India, we sought to connect with VCs who believed in our vision and capabilities as founders.”
He further added that the VC firm is not close to Silicon Valley startups. Still, his Indian origins and the funding gap in the Web3 ecosystem there mean he will most likely be an angel investor or advisor to 95% of all good Indian Web3 projects, he claimed. It should be noted that Polygon also runs the Web3 accelerator program along with Lumos Labs and recently launched its first cohort of 31 startups.
During Crypto Summit 2021, Naliwal claimed that his goal was to put India on the global blockchain map. The fund, which aims to support startups from developing countries, is aware of the challenges faced by Web3 startups, especially in a country like India with strict regulations.
The venture capital fund has already made almost 15 investments. These include Web3 gaming startups Planet Mojo, Blinkmoon and Community Gaming. According to Symbolic Capital’s announcement, the venture capital fund participated in corporate rounds alongside Sequoia Capital, A16Z, Galaxy, Dragonfly and Multicoin Capital.
The move comes as the crypto space faces a financial winter. But the company says Web3 is the next step in the digital ecosystem. Going against the ideology of “funding winter”, Polygon has launched one of the world’s largest funding rounds in the crypto space.