Sequoia Capital India Leads $450 Million Round for Polygon
As an infrastructural developer and layer-2 scaling solution for Ethereum, Polygon has received a strong and ringing endorsement as it raises an additional $450 million in seed funding. The investment round was led by the veteran VC company – Sequoia Capital India, but included investment by major names in the VC and blockchain space.
“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,” said Shailesh Lakhani, MD at Sequoia India. “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.”
Follow-on investors included SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital. Polygon also saw celebrity support too; from both Alan Howard and Shark Tank’s Kevin O’Leary.
Since its foundation, Polygon has been welcomed into the space with support from investors in the blockchain space. With this latest funding, the team aims to support the adoption of web3, including allowing for Ethereum to be more easily scaled and, in doing so, reduce the need for developers to build on alternate blockchains.
“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon co-founder Sandeep Nailwal. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”
Since its formation in 2017, Polygon’s community has grown significantly; tracking over a billion transactions last year. By the numbers, the network houses over 130m unique addresses and 2.67m MAUs. Its native token – MATIC – has also accrued a market capitalisation of $12 billion.