Global venture capital business Antler intends to finance up to a third of capital investment outlined in India in backing Web 3, as the modern version of the Internet is known, and blockchain projects. Antler projects to deploy $100-150 million in higher than 100+ startups in India over the next three years.
Globally, Antler is doubling down on the decentralization theme and proposes expanding its portfolio to 100+ blockchain startups over the next few years, the investor stated in a press statement. Due to its global network, resources, and partner corporations, Antler offers a real opportunity to capitalize on existing Web3 founders and those transitioning from Web2 to Web3.
Antler’s partners will combine Solana and Polygon and Questbook, a Web3 developer community, as part of this action. The effort will also include the support of 10+ enterprise advisors, including the founders of Xanpool, Zilliqa Research, Mudrex, Mesh. Finance, OnJuno, Persistence One, Molecule and Chainstack.
Nitin Sharma, partner and global blockchain lead at Antler, who is also the founder of Incrypt Blockchain, has financed in 16 blockchain projects since 2017, with the Incrypt Blockchain portfolio spanning projects such as Arweave (decentralized file storage), Mudrex, OnJuno (payroll infrastructure bridging banking and crypto), BAT, Ocean, Molecule, Persistence and more.
Antler India also thinks further to expand its team with blockchain and Web 3 experts to ramp up investments in the division going forward.
“I have been fortunate to work with some of the pioneers and “OGs” who have built the space in India, and deeply believe that in Web3 and DeFi, there is a new Internet and a new financial system being built – with DAOs, digital assets and NFTs as the building blocks,” Sharma remarked.
Silicon Valley Draper Fund is also seeing to fund $75-$100 million in Indian blockchain and crypto startups. The firm will be looking to invest in early-stage startups of a size of about $150,000-$1.5 million with a major centre on metaverse projects, non-fungible tokens and gaming.
The business has already been spent in over 80 crypto-based startups, including wallet business Safle, cross-chain liquidity company Pontoon Finance and metaverse company Polkamusic among others.
These advancements come at a time when the government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament’s Winter Session.
Meanwhile, blockchain unicorn Polygon has partnered with technology innovation administration corporation Lumos Labs to start the PolygonLEAP 2021 Accelerator, supporting Web3 startups. The global blockchain firm told that it will invest $250,000 in Indian startups that build exciting projects on Polygon. Additionally, the startups can also raise seed funding of over $9 million from firms including Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, and Sino Global Capital, joining the program as investors and mentors.
Over four months, participants will create unique blockchain-based solutions along certain tracks, including entertainment, decentralized finance, decentralized applications, and open innovation.
The method will also involve a series of meetups sketched to engage and communicate with the developer community. The program will conclude with a month-long bootcamp phase where chosen startups will turn their concept into reality under mentorship from the industry’s leaders.
“Polygon seeks to empower Web3 developers by providing an accessible and scalable infrastructure. We look forward to working with Lumos Labs and inviting passionate innovators in India to build on Polygon” Sandeep Nailwal, co-founder of Polygon.