Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a brand new startup fund devoted to Web3 corporations, underscoring enterprise capital’s rising curiosity within the blockchain-powered web.

Nailwal’s enterprise agency, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing companies and different enterprise capital traders, the corporate disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo and Neighborhood Gaming. The preliminary funding acquired by these startups was not disclosed.

In maybe a brand new tackle enterprise funding, Nailwal mentioned his firm is concentrated on supporting venture founders from rising markets. “Beginning Polygon in India, we struggled to get linked to VCs that believed in our imaginative and prescient and talents as founders,” he mentioned.

The rise of Web3 has resulted within the want for decentralized storage options that enable customers to archive, retrieve and preserve their very own information.

Will they have the ability to break centralized internet service suppliers’ stranglehold in the marketplace? https://t.co/uJOthHq8lI

— Cointelegraph (@Cointelegraph) July 28, 2022

Nailwal co-founded Polygon in 2017 in India earlier than relocating to Dubai two years later. In an interview with Bloomberg, Nailwal said he left his residence nation resulting from a scarcity of regulatory readability round crypto.

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Like different crypto-focused VCs, Symbolic Capital is concentrated closely on Web3 projectsor options that can advance the decentralized web. As reported by Cointelegraph, two Web3-focused funds had been introduced earlier this month — CoinFund launched a $300 million enterprise and Shima Capital debuted with a $200 million dedication.

In response to Cointelegraph Analysis, Web3 tasks represented the lion’s share of crypto enterprise funding within the second quarter, accounting for 42% of particular person offers. Enterprise funds invested a whopping $14.67 billion into crypto startups between April and June, matching their allotment within the first quarter.