Crypto entrepreneur and Polygon founder Sandeep Nailwal has secured $50 million for a new startup fund catering to Web3 firms, highlighting venture capital’s increasing interest in the blockchain-based internet. 

Specifically, Nailwal’s venture firm, Symbolic Capital, reportedly receives the backing of crypto protocols, exchanges, crypto-centric auditing entities as well as different venture capital investors. 

Symbolic’s fund has already made investments in three blockchain-centric gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. The specific sum of initial financial support for these startups remained anonymous.

Regarding a fresh take on venture funding, Nailwal reportedly disclosed that his firm is investing resources heavily in assisting project founders from emerging markets. “Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders”.

Nailwal reportedly co-founded Polygon around half a decade ago in India, prior to moving to Dubai two years later. During a Bloomberg interview, Nailwal claimed that he departed for Dubai from his home nation because of insufficiency in regulatory clarity surrounding crypto.

Bearing similarities to other crypto-centric VCs, Symbolic Capital is concentrated majorly on Web3 initiatives or solutions that will help fast-track the decentralized internet. 

Details of two Web3-centric funds were reportedly disclosed in early August – CoinFund introduced a $300 million venture and Shima Capital debuted with a $200 million commitment.

Web3 initiatives are representatives of the lion’s share of crypto venture funding in the second quarter, taking up 42% of individual deals. 

Venture funds reportedly made a significant investment of $14.67 billion into crypto startups between April and June, matching their allotment in the first quarter.