Polygon Co-founder Sandeep Nailwal launches Web3 fellowship, will invest $500K each year

Polygon Co-founder Sandeep Nailwal will be investing $500,000 of his own funds in 10 different Web3 entrepreneurs/projects.

This investment is part of the recently-announced Nailwal Fellowship programme, which provides capital and resources to bright minds in the Web3 space.

Nailwal made the announcement alongside Symbolic Capital—the venture capital firm he helped found in 2022.

The programme offers $50,000 in grant money to each fellow, as well as access to Symbolic Capital’s resources and internal directory. Fellows are given six months to focus entirely on building and trying new ideas in Web3.

"My focus will mostly be on AI + crypto startups," Sandeep told The Decrypting Story.

The programme is reportedly open to founders from all walks of life, regardless of age or geography, with a focus on backing individuals with technical backgrounds who are able to build tangible products and dApps during their fellowship.

As per a blog post by Symbolic Capital, the mission is to bring the brightest minds into Web3, providing them with the financial security and resources to pursue exciting and bold ideas."

The programme also aims to give founders the support they need to commit to building, taking the leap of faith to pursue entrepreneurship in the Web3 space.

It will run one cohort every year from August through January. Applications are open from May to June, with interviews taking place from late June into July to select the 10 fellows for each cohort.

In August 2022, Nailwal, alongside Cere Co founder Kenzi Wang, raised $50 million from investors, including other venture firms, crypto exchanges, family offices, and institutions, to launch Symbolic Capital, a venture capital fund built by and for Web3 founders.

Symbolic Capital plans to primarily back companies building consumer-facing decentralised apps (dApps), which aligns with Polygon’s goal of speeding up Web3 app development.

(The copy was updated with input from the co-founder.)