Reddit co-founder and Polygon inject $200 million funds in Web3

Polygon and Reddit co-founder Alexis Ohanian's venture capital firm Seven Seven Six have injected a $200 million fund into Web3 social media and gaming projects.

According to reports, Polygon co-founder Sandeep Nailwal said that the fund is will be given in dollars and not in Polygon's MATIC tokens. In addition, he noted that the fund will be invested in startups building on Polygon's network and back their equity and token rounds.

Although no details were given about when the fund is expected to be fully deployed, Nailwal asserted that it all depends on opportunities.

Moving further, Nailwal added that Polygon and Seven Seven Six aim to expand the reach of Web3 for users to control their data and privacy through this fund. However, the detail of each party's contribution to the fund isn't known as Nailwal declined to comment on that.

Last month, Seven Seven Six launched a $100 million fund for these kinds of projects building on Solana. This becomes the firm's second fund for Web3 social media projects.