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Symbolic Capital’s $50 million fund launch will seek to support early-age startups in the Web3. It will be a completely data-driven platform for deciding on upcoming investments and supporting its portfolio companies
Earlier this year in May 2022, Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang, launched a venture capital fund named Symbolic Capital. On Thursday, August 25, Symbolic Capital launched a $50 million fund dedicated to Web3 companies.
The blockchain-powered internet Web3 continues to attract venture capital firms amid faster developments in this market. VC firm Symbolic Capital has been backed by several partners such as crypto protocols, auditing firms, exchanges, crypto vendors, and traditional LPs including institutions and family offices. Speaking of the development, Polygon founder Sandeep Nailwal said:
“We’re specifically focused on supporting founders from emerging markets that have often been passed over by traditional VC. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders. Our mission with Symbolic is to empower the next generation of emerging founders who have historically been overlooked by the VC industry.”
Sandeep further added that Symbolic shall be a completely data-driven platform for deciding on upcoming investments and supporting its portfolio companies. The data engine of Symbolic Capital will track important metrics such as social media traction, GitHub contributors, and token performance. “Our data platform will provide a leg up on the rest of the market,” said Nailwal.
The Fund Will Be Focusing on Web3
The focus on Web3 companies and projects has been growing drastically considering that it is the next big revolution in the internet world. Symbolic Capital’s $50 million fund launch will seek to support early-age startups in the Web3. Speaking to CoinDesk, Symbolic partner Kenzi Wang said:
“It’s a builder’s time. There’s less distraction. We feel like this is a time to really help the next generation of founders. We’re still at the dial-up stage of Web3, and there’s not enough user adoption. We want to empower founders to come in and build applications that bring more users into the Web3 spheres.”
Symbolic Capital is focusing on different crypto verticals such as the transition from Web2 to Web3. Besides, they are also focusing on metaverse, blockchain interoperability and scaling solutions, the creator economy, and the commercialization of non-fungible token (NFT) technology.
Half of Symbolic Capital’s staff focuses on offering operational support for the founders. This includes product integrations, legal matters, internal audits, go-to-market activities, and networking with other founders.