Web 3.0-oriented Startup firm Symbolic Capital has garnered about $59 million in a funding round. According to the announcement, Polygon co-founder Sandeep Nailwal, alongside other renowned Web 3.0 investors Kenzi Wang, led the funding round.
The firm will be aiming to use the funds to create a special data outlet and support Web 3.0 developers. Meanwhile, the initiative will benefit most from developers handicapped by the location to access venture capital investment. Also, the funding alongside the initiative will boost the firm’s investment in portfolio organizations.
Meanwhile, Nailwal’s involvement in the funding round is motivated by the challenges he endured at the inception of his career with Polygon. Then, he worked remotely from India, and he couldn’t keep up with trends in the industry. This necessitated his relocation to Dubai to benefit from numerous funding opportunities. Both Naiwal and Wang are working on nurturing a new league of Web 3.0 solutions. The two prominent figures are keen on developing consumer-oriented solutions.
Polygon aims to get Web3 to the masses
Furthermore, the Co-Founder of Polygon has reacted to the development. He said, “The mission of my life is to get Web3 to the masses; that will happen only if we have pioneering Web3 apps and Symbolic Capital has been set up to help those early-stage developers to realize their visions. Symbolic will offer a level of support to our unique portfolio companies.”
The Polygon Co-Founder noted that the available investment isn’t for all due to his experience in the industry. He revealed that only startups and emerging projects would benefit from the initiative. The recent funding round further strengthens Polygon’s reputation for supporting emerging Web 3.0 projects.
At the beginning of the year, Polygon realized about $450 million. The firm demonstrated that funding innovative protocols can never come late or too early with the funds. On Symbolic Capital’s path, the organization has invested in about 14 companies, including BlinkMoon, Community Gaming, Planet Mojo, and many more.
Nailwal added that he’s usually on the watch for startups with sustainable economies and practical tokenomics. He submitted that to him; it’s not about the marketability of the project or the project itself. In addition, he added that it’s essential for firms to strengthen their community before launching their projects. Lastly, Web 3.0 is gradually gaining the attention of global brands. This attention has pushed Web 3.0 into a major conversation in the industry.
Binance and Animoca Brands are other prominent organizations pushing for more investments for Web 3.0 startups. Lately, the Venture capital offshoot of Binance, Binance Labs, invested in Web 3.0 infrastructure provider Ankr.
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