Polygon and Seven Seven Six, a venture fund by Reddit co-founder, have partnered to unveil a $200 million fund to invest in Web3 social media and gaming projects.
The Ethereum scaling solution’s co-founder, Sandeep Nailwal, notes that the fund would be denominated in USD and not MATIC tokens.
Nailwal says that the fund is geared towards investments equities and tokens rounds for startups developing on the Polygon chain. The contribution by each firm has not been revealed.
The polygon co-founder says that the deployment time would depend on the availability of opportunities. He adds that the two firms aim for a fair internet where users have control over their data.
Seven Seven Six is a venture capital founded by Alexis Ohanian, an American internet entrepreneur behind Reddit. The firm debuted a $100 million fund last month for similar projects built on the Solana network.
Source: The Block