Polygon Founder’s Crypto VC Firm Raises $50M Fund

Symbolic Capital plans to back early-stage Web3 projects

AccessTimeIconAug 25, 2022 at 1:52 p.m. UTC
Updated May 11, 2023 at 6:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Symbolic Capital, a new crypto-focused venture capital firm that includes Polygon blockchain founder Sandeep Nailwal among its leadership, has raised $50 million for a fund to invest in early-stage Web3 companies, the latest in a wave of new fund launches in the face of the crypto bear market.

Investors in the Symbolic fund included a number of crypto industry participants, protocols, exchanges, auditing firms and venture capitalists among them. Family offices and institutions also backed the fund, which will cut checks of $500,000 to $1 million per project.

Symbolic’s news comes a week after the announcements of a $200 million crypto fund from Shima Capital and a $300 million investment vehicle from CoinFund, a notable uptick in larger fundraises.

“It’s a builder’s time,” Symbolic partner Kenzi Wang told CoinDesk in an interview, referring to the current market conditions. “There’s less distraction. We feel like this is a time to really help the next generation of founders.”

Wang, who co-founded decentralized data cloud Cere, met Polygon’s Nailwal while at Binance Labs in 2019 and the two started investing together. Symbolic Capital was launched as a way for Web3 founders to back early-stage startups, similar to how billionaire Peter Thiel co-founded the Web2 Founders Fund in 2005, said Wang.

“We're still at the dial-up stage of Web3, and there's not enough user adoption,” said Wang. “We want to empower founders to come in and build applications that bring more users into the Web3 spheres.”

Crypto verticals of interest include the Web2 to Web3 transition, metaverse, the creator economy, blockchain interoperability and scaling solutions, and the commercialization of non-fungible token (NFT) technology by brands, according to Symbolic’s website.

Half of Symbolic Capital’s staff is dedicated to providing operational support for founders. The wide-ranging support includes legal matters, product integrations, internal audits, networking with other founders and go-to-market activities. The firm will also offer a data platform that scrapes and analyzes sources like GitHub repositories and LinkedIn to provide founders with market trends and recruitment assistance.

Symbolic has started deploying funds and initial investments include blockchain game developers BlinkMoon, Planet Mojo, and Community Gaming.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.