Sandeep Nailwal-led Symbolic Capital Raises Fund For Web3 Start-ups

Symbolic Capital, a web3-focused venture capital firm led by Polygon’s founder Sandeep Nailwal and Kenzi Wang, co-founder of Cere Network have raised special funds for the web3.

In a period where the prolonged bearish run has threatened Investment in crypto firms, the venture capital firm announced a $50 million raise.

The Sandeep-led firm is focused on advancing the emerging creator subsector of the industry. The funds are dedicated to financing emerging Web3 projects to scale the advancement of the Web3 ecosystem and bring the masses solution-driven applications.

Investors in the $50 million fund include unnamed top VC firms like protocols, exchanges, auditing firms, family offices, and institutions.

Symbolic Capital to Fund Emerging Web3 Projects

With their experience as web3 developers, the founders see the firm as an outlet to back developers with promising projects who cannot access traditional funds.

The firm will consider several factors that include social media traction, GitHub contributions, and Discord engagements for the projects it will invest in.

Having experienced difficulties himself while trying to access funds to start Polygon, Sandeep said Symbolic Capital was created to empower promising developers that have been overlooked by the VC industry.

Sandeep co-started Polygon in 2017 in India but had to move to Dubai in 2019 due to regulatory clarity around crypto and to access more funding.

The firm provides support in the form of mentorship and capital investment in early-stage Web3 projects. It will also offer marketing and auditing services for selected projects. Its investment per project will range from $500,000 to $1 million.

Sandeep and Wang both met in 2019 while at Binance Labs and have since started investing together. The duo are already experienced angel Investors and have jointly invested in more than 40 companies.

The young venture capital firm has already made a significant impact on the broader ecosystem since its launch.

Although the amount invested was not disclosed, Symbolic Capital has invested in BlinkMoon, Planet Mojo, and Community Gaming amongst others.