- Symbolic Capital is backing rising founders and early-stage decentralized functions
- The funding follows $500 million in mixed raises by CoinFund and Shima Capital final week
Polygon co-founder Sandeep Nailwal has raised $50 million for a brand new enterprise fund centered on early-stage Web3 startups.
Nailwals’ agency, Symbolic Capital, is backed by various undisclosed enterprise arms of crypto exchanges and household places of work, in addition to fellow enterprise capitalists.
Symbolic is about to supply advisory and recruiting companies for its portfolio corporations, in addition to public relations, advertising and auditing companies.
Kenzi Wang, co-founder of Cere Community, has joined the startup as a associate. The duo have co-invested in additional than 40 corporations collectively — together with Axie Infinity, Yield Guild Video games and Biconomy — since assembly at Binance Labs in 2019.
The fund’s mission is to foster mass adoption of blockchain expertise and Web3, the founders stated in a press release. It seeks to assist consumer-facing decentralized functions — equivalent to zero-knowledge proof or metaverse apps and those who drive interoperability between blockchains — in addition to NFT startups and the broader enterprise of creators and influencers.
The fund has already invested in additional than a dozen initiatives, together with Web3 gaming studio BlinkMoon, Polygon-based metaverse Planet Mojo and e-sports platform Group Gaming.
The transfer comes after Shima Capital’s personal crypto fund raised about $200 million, Blockworks reported final week. The agency’s restricted companions embrace hedge fund billionaire Invoice Ackman, former presidential candidate Andrew Yang and crypto-focused enterprise agency Dragonfly Capital.
The identical week, digital property specialist agency CoinFund took in $300 million for its newest enterprise automobile that plans to produce capital in later funding rounds. CoinFund, run by enterprise capitalist David Pakman, has invested roughly $1 billion in seed-stage startups since 2015.
The startups have commenced operations within the midst of what market individuals have dubbed a crypto winter, indicating a rising curiosity in opportunistic methods as each personal and liquid digital asset markets have offered bargains for deep-pocketed buyers.
Enterprise capitalists invested $9.3 billion in crypto corporations within the first six months of 2022, in accordance to Crunchbase information — down from $12.5 billion throughout the identical interval final yr.
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