Polygon Co-Founder Sandeep Nailwal Raises $50M Startup Fund For Web3 Companies

Sandeep Nailwal

Polygon founder and Cryptocurrency entrepreneur Sandeep Nailwal have raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet. 

Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms, and other venture capital investors, the company disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. The initial funding received by these startups wasn’t disclosed.

In perhaps a new take on venture funding, Nailwal said his company is focused on supporting project founders from emerging markets. “Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders,” he said.

Nailwal co-founded Polygon in 2017 in India before relocating to Dubai two years later.

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