Polygon invests in Blockchain Founders Fund to strengthen Web3 Builders
Quick take:
- Polygon has made a strategic investment in the Blockchain Founders Fund.
- The companies are collaborating on a project aimed at strengthening web3 entrepreneurs.
- Blockchain Founders Fund launched BFF Fund II in January with a $75 million fundraise backed by NEO Global Capital, AppWorks and others.
Blockchain Founders Fund (BFF) has added Polygon to its strong portfolio of partners that invested in BFF Fund II. The Ethereum scaling protocol has made a strategic investment to accelerate the adoption of web3 applications in the mainstream.
According to the announcement, BFF’s second fund seeks to empower web3 entrepreneurs by offering them valuable propositions to build decentralized market-disruptive solutions.
Blockchain Founders Fund launched its second fund in January 2022 with a $75 million fundraise backed by some of the leading web3 venture capital firms and investors.
NEO Global Capital (NGC), AppWorks, Sebastien Borget, COO of The Sandbox, and Polygon founder Sandeep Nailwal, all participated in the round.
The company boasts of a huge portfolio of over 100 web3 startups, most of them achieving great success under its guidance in the growing space.
Some of the notable success stories include blockchain-powered no-code gaming studios (GRID) and social intelligence for cryptocurrencies (LunarCrush).
Sandeep Nailwal, co-founder of Polygon, comments on the partnership: “To realize the vision of Web3 and help achieve mainstream adoption, it is important that we support entrepreneurs in building innovative products and infrastructure. We look forward to working together with Blockchain Founders Fund, who share our vision and believe in the transformative potential of Web3.
BFF has also made key investments in leading blockchain and NFT gaming platforms, including Polygon-backed Splinterlands and Altered State Machine.
Polygon has established itself as the de facto blockchain for decentralized app developers looking for infinite scalability in web3. The company recently announced the launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) which enables developer apps to perform massive transactions at lightning speeds, almost indistinguishable from web2 platforms.
The Polygon network is now home to over 37,000 web3 apps, including leading decentralized platforms such as Aave, Curve, Balancer and Uniswap.
Leading metaverse platforms Decentraland, Somnium Space and The Sandbox are also built on Polygon.
Aly Madhavji, managing partner of Blockchain Founders Fund, said that adding Polygon to its list of investors will expand BFF’s investment profile, opening it up to a wider range of early-stage companies.
“Their expertise in the industry will greatly help us connect with the best breed of high-potential companies that are building real solutions to real problems,” added Madhavji.
Keep yourself updated:
