Quick take:
- Polygon has made a strategic investment in Blockchain Founders Fund.
- The companies are collaborating on a project geared towards empowering web3 entrepreneurs.
- Blockchain Founders Fund launched the BFF Fund II in January with a $75 million fundraising 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 high-value propositions to build decentralised market-disrupting solutions.
Blockchain Founders Fund launched its second fund in January 2022 with a $75 million fundraising 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 co-founder Sandeep Nailwal, all participated in the round.
The company boasts a huge portfolio of over 100 web3 startups with a majority of them achieving great success under its guidance in the burgeoning space.
Some of the notable success stories include blockchain-powered no-code gaming studios (GRID) and social intelligence for cryptocurrencies (LunarCrush).
Commenting on the partnership Sandeep Nailwal, Co-Founder of Polygon said: “To bring the vision of Web3 to realization and help garner mainstream adoption, it’s vital that we support entrepreneurs in building innovative products and infrastructure. We look forward to working alongside 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 defacto blockchain for decentralised app developers looking for infinite scalability in web3. The company recently announced the launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) that enables developer apps to execute massive transactions at lightning speeds, almost indistinguishable from web2 platforms.
The Polygon network is now home to over 37,000 web3 apps, including leading decentralised platforms like 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 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 assist us in connecting with the best breed of high-potential companies that are building real solutions to real problems,” added Madhavji.
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