Polygon co-founder Sandeep Nailwal launched Symbolic Capital, a $50 million venture capital fund focused on supporting Web3 startups in emerging markets. markets.
— Symbolic Capital (@symbolicvc) August 25, 2022
Nailwal's project partner is the founder of Cere Network Kenzi Wang. Their joint company raised funds for the fund from other venture capital investors, crypto exchanges, family offices and institutions, which they declined to name.
According to Nailwal, the framework intends to primarily support dapps creators.
«My main mission is to enable mass adoption of Web3, and this will happen through applications . I am not going to create a blockchain to be used. People don't do it directly, but always through some kind of dapp»,” he explained.
Symbolic Capital has already invested in about 15 projects, including the BlinkMoon web3 game studio, the Planet Mojo metaverse powered by Polygon, and the Community Gaming eSports platform.
Nailwal noted that the fund intends to allocate 80-90% of the capital to startups from developing countries. The investor is intimately familiar with crypto projects in his native India, while his partner Kenzi Wang is a specialist in the Web3 ecosystem in China and Southeast Asia. They believe it gives them a broad view of the leading emerging markets.
One of the main motives for the launch of Symbolic, Nailwal called the opportunity to more formally support projects that are already in his orbit of influence. Since meeting at Binance Labs in 2019, the partners have jointly invested in more than 40 startups as business angels.
Nailwal said that the fund intends to pay special attention to fantasy sports projects.
«In Web3 fantasy, you can have NFTs that you can rent out when you're not playing and earn passive income. You can earn tokens on the platform and become part of this ecosystem from a very early stage,” he emphasized.
According to the investor, such economic incentives are very significant for users from developing countries. As existing examples, he named the M2E application Stepn, popular in similar markets, and the P2E game Axie Infinity (the founders of Symbolic invested as business angels in the Sky Mavis studio behind the latter).
Regarding the assessment of the fund's potential investments, Nailwal noted that the firm has created an internal data platform. The solution will collect information about project activity on GitHub, interaction with Discord, token performance, employment and hiring trends. The company has also developed its own due diligence structure.
Recall that in August, Polygon acted as an anchor investor for a new fund in the amount of $25 million from venture studio SuperLayer.
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