Sandeep Nailwal’s Cryptocurrency Vc Fund Symbolic Capital Raises Mn – Symbolic Capital is a venture capital firm founded by Sandeep Nailwal, founder of Polygon, and former Capital Without Borders and Cere founder Kenzie Wang.
Symbolic Capital today announced the launch of a $50 million Web3 fund led by Polygon founder Sandeep Nailwal and former Borderless Capital and Serre co-founder Kenzie Wang, TechCrunch first reported.
Sandeep Nailwal’s Cryptocurrency Vc Fund Symbolic Capital Raises $50 Mn
Investors in the $50 million fund include crypto protocols, other Tier-1 VC firms, leading firms, crypto audit firms and crypto providers, as well as a selection of family offices and institutions.
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Symbolic Capital focuses on supporting ambitious Web3 startups from emerging markets with capital and advice. Since Nailwal and Wang are deeply embedded in the Web3 environment, their solution is ideal for identifying Web3 projects that help the regulated web. A combination of areas of interest for tokens, exchanges, NFT use and the creative economy, among others.
Asked how his background as a founder influenced Symbolic’s vision, Nilwal said: “We focus on supporting founders from emerging markets that have been handled by traditional VCs. Since Polygon India, we have struggled to connect with VCs who believe in our vision and expertise as founders. Our goal with Symbol is to empower a new generation of founders who have historically been neglected by the VC industry.
Nilewal’s role at Polygon focused on the large-scale deployment of Web3, while Wang founded Cere, a distributed information infrastructure solution. The two joined Binance Labs in 2019, and have invested in more than 40 companies, including Axie Infinity, YGG, Biconomy and more.
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“Tokens offer a special level of support to our portfolio companies. We have built a blockchain company from the ground up and we know very well the special challenges this project faces. For a Web3 / token startup, it’s not just about the product and the product market. It’s worth it, but also about creating a sustainable economy through applied tokennomics, a deep understanding of your product before going public with your token.
With top tier companies like Sequoia Capital, a16z, Galaxy Digital, Tiger Global and FTX. His early portfolio companies include BlinkMoon, YGG SEA, Syn City and others. Portfolio companies receive between $500,000 and $1 million per project.
Differentiating itself from other Web3-based venture capital firms, Symbolic Capital uses a proprietary data platform to support investments and portfolio companies. A proprietary data engine will be central to the organization’s operations.
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“With the tools we’ve built, we’re able to track and analyze things like GitHub contributions, social media traction, Discord engagement and overall token performance to drive our investment, and hire migration and career paths. History of identifying and hiring top employees to the company our portfolio, said Nailwal.
In addition to capital investment, the firm provides consulting, PR/marketing and auditing services to help its portfolio companies grow.
Called ‘Creator Unleashed’, the grant program is designed to help the next generation of creators begin their transition to Web3.
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Polygon And Cere Network Founders Launch $50 Million Web3 Fund
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Polygon Founder Raises $50m For First Vc Fund Built By Web3 Founders » Brave New Coin
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Some unspecified cookies are analyzed and not programmed The newest venture capital firm focusing on Web3, gaming and NFT is Symbolic Capital.
Sandeep Nilwal, creator of Polygon and cryptopreneur, has received 50 million dollars in a new start-up fund directed at the company Web3, which shows the growing interest in the blockchain internet.
According to information released by Symbolic Capital on Thursday, Nilewal’s venture company is backed by cryptocurrency exchanges, protocols and auditing firms specializing in cryptocurrencies. Three blockchain-focused gaming startups, BlinkMoon, Planet Mojo and Gaming Community, have received funding from the Symbol fund. The initial funding source for this initiative is confidential.
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Nilwal said his company is focused on helping project founders from emerging markets, which could be a new way to make money.
“To start Polygon in India, we sought to connect with VCs who believed in our vision and our expertise as founders,” he said.
Nailwal moved to Dubai two years after starting Polygon in India in 2017. In an interview with Bloomberg, Nelwal said the regulatory uncertainty surrounding cryptocurrencies was the reason he left the country.
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Like other crypto-focused venture capital firms, Symbolic Capital is heavily focused on Web3 initiatives or products that advance the internet. Two funds focused on Web3 were launched this month: Shima Capital launched with a commitment of 200 million dollars and CoinFund launched a project of 300 million.
According to research, the Web3 project accounted for 42% of individual contracts in the second quarter and many cryptocurrency venture funds. Between April and June, venture capital invested a record $14.67 billion in cryptocurrency startups, matching the amount allocated in the first quarter.
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