The two founders of Polygon and Cere Network announced a 50 million USD Web3 fund

Symbolic Capital, the venture capital fund of the two founders of Polygon and Cere Network, has successfully raised $50 million.

In the latest announcement, Sandeep Nailwal - founder of Polygon and Kenzi Wang - founder of Cere Network have successfully established a VC fund worth 50 million USD. 

 

Accordingly, the fund will aim to promote the pioneering Web3 applications and the fund's backer partners – including protocols, exchanges, auditing firms and cryptocurrency supply organizations, according to the announcement.

Nailwal said:

“We are particularly focused on supporting founders from emerging markets that are often overlooked by traditional VCs. Starting Polygon in India, we struggled to connect with VCs with our vision and capabilities as founders. Our data platform will take the rest of the market.”

From the beginning of the year until now, although the market is still deep in crisis, the capital mobilization wave has been very strong. Song appears to have leveled off this month and is down 22% from the same period last quarter, according to The Block Research.

In contrast to the gloomy August, there were a series of projects that put their names on the list of major capital-raising deals of the industry in July 2022, for example: Animoca Brands  ($75 million),  ;Gnosis Safe ($100 million), Multicoin Capital ($430 million), Saber Labs ($100 million), Lightspeed ($500 million), Mysten Labs (200 million) USD), Farcaster  ($30 million), Tribe Capital  ($25 million) Halborn  ($90 million) and Aptos  ($150 million).

Crypto Fox News summary

 

Aug 25, 2022

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