Polygon co-founder Sandeep Nailwal has launched Symbolic Capital, a $50 million venture capital fund focused on supporting Web3 startups in emerging markets.

Nailval’s partner in the project was Kenzi Wang, the founder of Cere Network. Their partner companies have raised funds for funding from other venture capitalists, crypto exchanges, family offices, and institutions, which they declined to name.

According to Nailwal, the structure aims above all to support the creators. dapps.

“My primary mission is to drive mass adoption of Web3 and it will happen through these apps. I will not create a blockchain to use. People don’t do it directly, but they always do it through some kind of dapp,” he explained.

Symbolic Capital has already invested in around 15 projects, including the BlinkMoon web3 game studio, the Polygon-powered Planet Mojo metaverse, and Community Gaming, an esports platform.

Nailwal noted that the fund plans to allocate 80-90% of the capital to start-ups from developing countries. The investor is intimately familiar with crypto projects in his native India, while his partner Kenzi Wang specializes in the Web3 ecosystem in China and Southeast Asia. They believe this gives them a broad view of the leading emerging markets.

One of the main reasons for the launch of Symbolic, Nailwal sought the opportunity to support projects that were already in the orbit of influence more formally. Since meeting at Binance Labs in 2019, the partners have co-invested in more than 40 startups as business angels.

Nailwal said the fund plans to give special attention to projects in the field of fantasy sports.

“When you’re not playing in the web3 fantasy, you can have NFTs you can rent and earn passive income. You can earn tokens on the platform and be a part of this ecosystem from a very early stage.”

According to the investor, such economic incentives are very important for users from developing countries. Named popular in similar markets as existing examples. M2E-Stepn application and P2E– Axie Infinity game (Simgenic’s founders invested in Sky Mavis studio as business angels).

Regarding the assessment of the fund’s potential investments, Nailwal noted that the firm has built an internal data platform. The solution will collect information on project activity on GitHub, interaction with Discord, token performance, employment and hiring trends. The company has also developed its own due diligence framework.

Recall that in August, Polygon acted as an anchor investor for a new $25 million fund from venture studio SuperLayer.

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