Sandeep Nejlwal, co-founder of Polygon and Symbolic Capital, has launched the web3 Startup Accelerator.
The New York-based accelerator, called Beacon, will support startup cryptocurrency projects through guidance and funding, he said. Nejwal said 15 startups have already received funding from Beacon. He declined to reveal the names of these startups, saying they will be announced in January.
Beacon is part of Symbolic Capital, which is owned by Nailwal, a virtual currency venture capital firm he founded in August with $50 million in funding; Nailwal is also a co-founder of Symbolic Capital, Kenzie Wang Nailwal leads Beacon along with Kenzie Wang, co-founder of Symbolic Capital; Pratik Sharma, former Vice President of Sequoia Capital; and Uri Stav, former Head of Security at Digital Currency Group, among others.
Beacon offers a 12-week program that mentors and funds startup founders. The first cohort of the program, Cohort 0, launched in October with more than 30 founders from 15 startups in a variety of sectors, including DeFi, infrastructure, and gaming. Applications for the next group can be submitted through January 31; Neil Cunha-Gomez of SoftBank, Dan Kim of Coinbase, Maria Shen of Electric Capital, and Paul Veraditakit of Pantera Capital are Neil Cunha-Gomez of Beacon, Dan Kim of Coinbase, Maria Shen of Electric Capital and Paul Veraditakit of Pantera Capital are among the Beacon mentors.
Our ultimate goal is to create the largest network of web3 founders in the world,” said Neival. I’ve been through an accelerator before (Binance Labs) and found that the greatest resource in any accelerator is the other founders who go through the program with you. As our alumni network grows, we believe the overall quality of projects created at web3 will improve. It will increase as the founders help each other succeed.
Beacon is building a social network for founders and alumni to connect with each other during and after their participation in the program. Beacon says it has already created a special platform for investors to browse projects, watch video presentations, read about the founders, and gain firsthand insight into the founders.
Next month, Beacon will host a demo day where founders can present their projects to more than 300 investors. It hopes to create the next 100 web3 unicorns.