Despite a brutal bear market, money continues flowing into the crypto space. Sandeep Nailwal, the founder of Polygon, and Kenzi Wang, the founder of Cere Network, have successfully established a VC fund worth $50 million.
Accordingly, the fund will aim to promote pioneering Web3 applications and the fund backing partners, including protocols, exchanges, auditing firms, and cryptocurrency supply organizations.
Nailwal said they are particularly focused on supporting founders from emerging markets that traditional VCs often overlook. He further stated that when they started Polygon in India, they struggled to connect VCs with their vision and capabilities as founders.
Although the market has been in crisis since the beginning of the year, the capital mobilization wave has been powerful.
In contrast to the gloomy August, there were a series of projects that put their names on the list of major capital-raising deals in the industry in July 2022, for example, Animoca Brands ($75 million), Gnosis Safe ($100 million), Multicoin Capital ($430 million), Saber Labs ($100 million), Lightspeed ($500 million), Mysten Labs ($200 million), Farcaster ($30 million), Tribe Capital ($25 million) ) Halborn ($90 million) and Aptos ($150 million).
The investors who invested in the fund are said to be family offices, crypto asset (virtual currency) exchanges, institutional investors, etc., but the specific names have not been disclosed.
Symbolic Capital was jointly launched by Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang in May of this year. The two met in 2019 at the major cryptocurrency exchange Binance, where they have jointly funded over 40 top projects, including Axie Infinity, YGG (Yield Guild Games), and Biconomy.
The company has invested in 15 companies, including web3 game studio BlinkMoon, metaverse on polygon Planet Mojo, and esports community gaming. This will be the company's first time launching a fund. Neilwal also quoted that web3 founders launch very few companies in the current state of crypto venture capital.
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