Symbolic Capital Pulls $50m to Back Web3.0 Startups
Godfrey Benjamin Aug 26, 2022 02:45
Venture Capital firm, Symbolic Capital has raised the sum of $50 million to bootstrap startups operating within the Web3.0 ecosystem.
Venture Capital firm Symbolic Capital has raised the sum of $50 million to bootstrap startups operating within the Web3.0 ecosystem.
Symbolic Capital is the brainchild of Polygon co-founder Nailwal Sandeep and Cere Network’s Kenzi Wang.
The mission of Symbolic Capital is to support Web3.0 developers in areas that naturally have little access to Venture Capital funding. Established companies and funds are backing symbolic in the digital currency ecosystem, including exchanges, family offices, and institutions.
The need to create Symbolic Capital stems from the struggles Nailwal himself has faced working out of India when starting at Polygon. Part of the reasons why he moved to Dubai was to access more funding. Now that Polygon is well established, Nailwal and Wang are now more concerned about raising a new crop of Web3.0 applications and are committed to focusing exclusively on those building consumer-driven solutions.
“My core mission is to bring mass adoption to web3, and that mass adoption is only going to happen via apps. It’s not like I’m going to build a blockchain, and people will come and use the blockchain — nobody uses blockchain directly. They always use it via some app,” Nailwal told TechCrunch.
According to the TechCrunch report, Symbolic Capital has already injected funds into 15 startups, including BlinkMoon, Community Gaming, and Planet Mojo. Riding on his role as an established Web3.0 veteran, Nailwal said the funds are not for everybody but for those who hail from emerging markets.
“It’s not closed for anybody who’s building in Silicon Valley, of course not. But being from India, like, technically, I would be an angel investor or an advisor to 95% of all the good projects that you would see coming out of the Indian subcontinent — they would come to me some way or the other, for help or guidance,” Nailwal said.
Likewise, Polygon raised $450 million earlier this year, a capital raise that affirms investments are never too late or too timely for a protocol that is focused on changing the narrative.
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