Polygon raised $450M in investment round led by Sequoia Capital Bets on Web3


Decentralized
Ethereum scaling platform Polygon announced that it has raised $450 million in
a private token sale. The investment round is led by one of Silicon Valley’s oldest
and most successful venture capital firms, Sequoia Capital India.
Since
the project began in 2017 this is Polygon’s first major financing round in
which Sequoia India has invested in Polygon, a team member shared. There were 40
additional investors participated in the token round including SoftBank Vision
Fund 2, Galaxy Digital, Tiger Global, Alameda Research, Animoca Brands, Spartan
Fund, Dragonfly Capital, Republic Capital, Variant Fund, Alan Howard, and Kevin
O’Leary.
As per Sequoia
Managing Director Shailesh Lakhani, $100 million of the raised money will be allocated
to an ecosystem fund supporting the development and onboarding of new projects
on the network. It will focus on to build Web3 decentralized applications, or
dApps, including Polygon PoS, Polygon Edge and Polygon Avail. According to the
report the remaining fund will be used as “buffer
money” to sustain and pay the
project’s team which consists of 240-person.
Sequoia
Managing Director Shailesh Lakhani said referring to the investment that “The
platform of choice to build on the blockchain today is Polygon. Thousands of
developers across a range of applications are choosing Polygon and their
complete set of scaling solutions for the Ethereum ecosystem. This is an
ambitious and aggressive team, one that values innovation at its core. Sequoia
Capital India is thrilled to lead this significant financing round.” The funds
will be raised through a private sale of Polygon’s native token MATIC token
which surged 17% after the announcement.
About
Sequoia Capital:
Sequoia Capital is found in 1972, managing over $80 billion in assets. Through its Scouts program, the firm has marked in crypto since 2015. Earlier crypto-related investments include Polychain Capital, MetaStable, and Paradigm. The investment made in Polygon is its largest Web3 or crypto infrastructure yet.
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Indrani bose
CBW - External Analyst
INDIA