Ethereum scaling project Polygon and Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital firm, have jointly launched a $200 million fund to invest in Web3 social media and gaming projects.
The fund is denominated in dollars and not in Polygon’s MATIC tokens, Polygon co-founder Sandeep Nailwal told The Block. It will invest in startups building on Polygon’s technology and back their equity as well as token rounds, said Nailwal.
It is not clear by when the fund expects to be fully deployed. Nailwal said it all depends on opportunities.
Polygon and Seven Seven Six look to “contribute to a fair internet where users control their data and privacy” through this fund, said Nailwal. Each party’s contribution to the fund isn’t known. Nailwal declined to comment on that detail.
This is Seven Seven Six’s second such fund for Web3 social media projects. Last month, the firm launched a $100 million fund for such projects building on Solana.